First National Bank Botswana (FNBB) has launched the Business Reserve Account designed for business clients who require an account name and number before their business entity starts trading. The account allows clients to open a business account that does not require transactional capability and allows the business to own an account for pre-trading requirements, tender purposes, or any other legal purpose.
“This account is an alternative offering to the Gold Business Cheque Account and does not have any charges. We recognised a specific need amongst new Small Medium Enterprise (SME) clients who require a bank account while they are in the early stages of starting their business, but don’t have an immediate transactional need. The Business Reserve Account offers them convenient access to a bank account of which they can activate once they are ready to start trading,” said FNBB Head of SME Banking, Jenamiso Ratsebe.
Since the account will not attract any maintenance charges, clients have the ease of finalising their pre-trading requirements, while sourcing potential business without the pressure of servicing account fees or risking their Gold Business cheque Account becoming dormant due to inactivity.
“This account is a first of its kind in the market as FNBB redefines the help they provide to customers by moving away from a one-size fits all to service the diverse needs of the SME market. There is a vital step before starting a business and as simple as it sounds, the lack of a business bank account can threaten the ability of a business to start operating. As value chains open up more for local SMEs, new businesses are exposed to specific regulatory requirements to adhere to, and this product is a convenient resource in meeting those requirements. Once they have finalised these requirements and are ready to trade, they can eventually transition to start, run and grow their businesses,” concluded Ratsebe.
To open the Business Reserve Account, clients will need to submit their full Know Your Customer (KYC) documentation.