First National Bank

What First National Bank does

First National Bank (FNB) is a South African retail, SME, and corporate banking franchise operating as a division of FirstRand Bank Limited, itself wholly owned by FirstRand Ltd. (JSE: FSR), one of Africa's largest financial services conglomerates. Founded in 1838 and headquartered in Sandton, Johannesburg, FNB serves millions of customers across personal banking, over 1.2 million SME clients, and corporate and public sector clients in South Africa plus eight additional African countries (Botswana, Lesotho, Ghana, Namibia, Eswatini, Zambia, Channel Islands) with stated expansion into Kenya, Tanzania, Uganda, and Zimbabwe. The bank operates through a hybrid physical-digital model spanning branches, ATMs, the FNB App, Online Banking, WhatsApp eWallet, Speedpoint merchant devices, and dedicated corporate field sales teams.

FNB's technology stack centers on proprietary platforms including Speedpoint POS devices (Go, Pro, Tablet) with commission rates starting at 1.8%, eWallet digital wallet on WhatsApp processing over R43 billion in transactions annually, Globba cross-border payments via Mastercard Move reaching 120+ countries, and Visa Commercial Pay B2B payments with virtual card issuance and automated reconciliation. The merchant ecosystem includes FNB Connected Solution, SpeedeeApp, SpeedeeQR, and FNB Webstore (R59/month), supplemented by fintech partnerships with Littlefish (merchant OS) and the 26.1%-owned Optasia (AI-led lending platform processing 1.5 billion monthly credit decisions). Business productivity tools (Instant Accounting, Payroll, Cashflow, Invoicing) extend banking into operational software. The bank launched Department of Home Affairs Smart ID services at branches as part of a Home Affairs @ Home program scaling from 4 to 240+ branches.

Revenue mechanics are diversified across transaction fees (eWallet, merchant commissions, cross-border transfers), interest income (home loans, business loans, overdrafts, credit facilities), and recurring account/service fees across tiered segments (First Business Zero through Enterprise Business for SMEs; FNB Premier and FNB Private for affluent individuals; Islamic Banking for Sharia-compliant customers). Distribution combines product-led growth (self-service account opening, eBucks rewards with 85% consumer participation), direct-to-consumer (eWallet WhatsApp for unbanked users), and enterprise field sales (corporate B2B payments). Sub-brands include eWallet, Speedpoint, eBucks Rewards, Globba, H.E.R. Banking (women-focused), and SLOW Lounge (premium customer rewards).

Name

First National Bank

Legal name

FirstRand Bank Limited

Website

https://fnb.co.za

Company type

Public

Founded year

1838

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

First National Bank, a division of FirstRand Ltd. (JSE: FSR), is a South African retail, SME, and corporate banking franchise serving millions of customers across 9 African countries through branches, digital channels, and a proprietary merchant services platform.

Ownership category

akta.pro rank

Product category

Retail and Commercial Banking

NAICS

Commercial Banking (52211), Depository Credit Intermediation (5221), Commercial Banking (522110), Savings Institutions and Other Depository Credit Intermediation (522180)

SIC

National Commercial Banks (6021), State Commercial Banks (6022), Functions Related To Depository Banking, Nec (6099)

akta.pro primary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

akta.pro secondary industries

Digital Banking & Neobank Platforms (BPAMAFAD), A2A Checkout & Merchant Acceptance Solutions (FSAMAFAF), Open Banking, Account Aggregation & Payment Initiation APIs (BPAMAFAJ)

Keywords

• Retail banking services
• Commercial banking
• Merchant payment processing
• Digital wallet services
• Cross-border payments

Headquarters

HQ city

Johannesburg

HQ country

South Africa

HQ region

Africa

Offices9 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Corporate Banking Services: B2B payment solutions, virtual card issuance, and corporate banking services targeting South Africa's $10 billion digital payments market through Visa and Mastercard partnerships
2. Merchant Services Commission: Commission-based revenue from Speedpoint payment devices processing card transactions. Commission rates customized based on business turnover, starting from 1.8%
3. Digital Wallet Services: eWallet services processing over R43 billion in transactions annually, with fees of R1 per payment to FNB accounts and R3.50 to non-FNB accounts, plus Cash Advance lending
4. Interest Income: Traditional banking interest income from lending products including home loans, business loans, overdrafts, and credit facilities
5. Account and Service Fees: Monthly account fees, transaction fees, and service charges across personal, business, and corporate banking segments with tiered pricing based on account type

Pricing tiers

Go-to-market motion3 records

Distribution channels8 records

Marketing channels9 records

Core offering

First National Bank provides comprehensive banking services across personal, private, business, commercial, and corporate segments, including transactional accounts, credit facilities (cards, home loans, overdrafts), insurance, savings and investments, forex, and merchant card payment solutions. Digital delivery is provided through the FNB App, online banking, WhatsApp-based eWallet, and a physical branch and ATM network across South Africa, seven other African countries, and Guernsey.

Product overview

First National Bank (FNB) operates as a comprehensive banking platform offering personal, family, and business banking through digital channels (online, mobile app, WhatsApp), physical branch/ATM networks, and dedicated business centers. The core platform integrates multiple product categories: transaction and savings accounts, credit facilities (cards, loans, overdrafts), insurance, investments, forex, and specialized services. Key product lines include the FNB Merchant Services suite (Speedpoint POS devices, eCommerce gateway, SpeedeeApp, SpeedeeQR, FNB Webstore), eWallet digital wallets for financial inclusion, Cash Solutions for business cash management, and Instant Business Solutions (accounting, payroll, invoicing). Business banking segments by turnover (First Business Zero, Gold, Platinum, Enterprise) and by industry (Agriculture, Healthcare, Tourism, etc.) provide targeted services. Premium offerings include FNB Premier (affluent retail), FNB Private (wealth management), and Islamic Banking (Sharia-compliant). The bank extends internationally through Global Commercial Banking and regional subsidiaries across Africa (Botswana, Ghana, Namibia, Zambia, etc.). Partnerships with Visa (B2B payments), Mastercard (Globba cross-border), and the littlefish merchant platform ecosystem provide specialized payment capabilities.

Differentiator

Problem solved

Functional benefit

Brands

• eWallet: Digital wallet service allowing users to open accounts and transfer money via WhatsApp
• Speedpoint
• eBucks Rewards
• Globba
• FNB H.E.R. Banking
• SLOW Lounge

Products and services

• FNB Digital Banking Platform Unified digital banking platform providing personal, family, and business banking services through online, mobile app, and branch channels; offers transaction accounts, savings, investments, credit, insurance, and forex services for retail and business customers.
• Business Accounts Tiered business banking accounts segmented by annual turnover: First Business Zero (R0-R1m), Gold Business (R0-R5m), Platinum Business (R5m-R60m), and Enterprise Business (R60m-R150m+), each with tailored features and pricing for SMEs across Africa.
• FNB Credit Cards Range of credit card products for personal and business banking customers with various reward programs and interest rates.
• FNB Home Loans Residential mortgage financing for personal banking customers, supported by affordability and bond calculators to determine borrowing capacity.
• FNB Loans Comprehensive lending products for businesses including business loans, overdraft facilities, FNB Cash Advance, debtor finance, leveraged finance, private equity, securities-based lending, selective invoice discounting, and asset-based finance.
• Forex Services Foreign exchange solutions for businesses including imports, exports, foreign guarantees, structured trade and commodity finance, and Business Global Account (CFC) for international operations.
• FNB Insurance Personal and business insurance products covering life, car, home, and business assets, including funeral cover, credit life, and commercial insurance policies.
• FNB Connect Telecommunications and connectivity services including airtime, data, and prepaid products for mobile and business connectivity needs.
• Save and Invest Savings and investment products including notice deposits, fixed deposits, access deposits, tax-free investment accounts, offshore solutions, Ashburton specialized products, and financial planning advisory services.
• FNB Premier Premium banking service for high-net-worth individuals offering personalized banking, priority branch service, dedicated relationship managers, and exclusive product access.
• FNB Private Private banking division providing comprehensive wealth management, investment advisory, estate planning, and specialized financial services for affluent clientele.
• Islamic Banking Sharia-compliant banking products including Islamic business accounts and personal banking following Islamic finance principles for Muslim customers.
• FNB Merchant Services Card payment solutions and business tools including Speedpoint POS devices, eCommerce gateway, FNB Connected Solution, SpeedeeApp, SpeedeeQR, and FNB Webstore; provides fraud monitoring, next-day settlement, and customizable commission rates from 1.8%.
• Speedpoint POS Devices Range of card payment machines including Speedpoint Go (R699 buy/R230pm rent) for mobile payments, Speedpoint Pro (R1,499/R320pm) with business tools, and Speedpoint Tablet (R4,999/R500pm) for counter and mobile use; custom commission rates from 1.8%.
• FNB Webstore Online store builder with integrated payment gateway and delivery service integration, priced at R59 per month; enables businesses to establish online presence with full eCommerce capabilities.
• eWallet Digital wallet service accessible via FNB App and WhatsApp, enabling users without bank accounts to open wallets, send money, borrow Cash Advance (R50-R500), and purchase electricity, airtime, and entertainment vouchers; processed over R43 billion in transactions annually.
• eWallet Pro Business-oriented digital wallet with virtual accounts, bulk disbursement capabilities, and eWallet GEO locator for cash withdrawal network; designed for businesses requiring mobile wallet functionality and cash-out services.
• FNB Cash Solutions Comprehensive cash management suite including SmartBOX automated deposit machines, SmartTILL till management systems, Cash@Till deposit services, ATM Advance, and bulk cash processing for businesses handling significant cash volumes.
• FNB Fleet Services Vehicle fleet financing and management solutions for business customers with fleet operational needs, integrated with WesBank for vehicle finance partnerships.
• Global Commercial Banking International banking services for businesses operating across borders, supporting global commerce with correspondent banking relationships and multi-currency capabilities.
• FNB Branch and ATM Network Physical banking infrastructure with branch locators, ATM networks, @Till cash services, and telephone banking; includes Smart ID services at DHA-enabled branches for government document applications.
• eWallet on WhatsApp eWallet service launched on WhatsApp that lets new users open a digital wallet in minutes without an existing FNB bank account; targeted at unbanked and underbanked populations and processed over R43 billion in transactions in the past year. Pricing: R1 per payment to FNB accounts and R3.50 to non-FNB accounts.
• Visa Commercial Pay (VCP) B2B payments platform launched with Visa and RMB, enabling secure virtual card issuance, automated reconciliation, and centralized spending visibility for corporate clients across South Africa.
• Globba Cross-Border Payments Cross-border payments solution built on Mastercard Move, enabling efficient and secure international money transfers to over 120 countries, with initial focus on African corridors such as Zimbabwe, Malawi, Mozambique, and Ghana.

Quantifiable outcome

• Over R43 billion in eWallet transactions processed in the past year
• +3 more outcomes

Named customers2 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

AI capability4 records

Feature5 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• VisacoreTechnology or Integration · 26 June 2026FNB launched Visa Commercial Pay (VCP), an integrated B2B payments platform enabling secure virtual card issuance, automated reconciliation, and centralized spending visibility for corporate clients in South Africa. The platform targets South Africa's digital payments market estimated at approximately $10 billion, positioned as a reference case for broader African market expansion.
• Rand Merchant Bank (RMB)coreTechnology or Integration · 26 June 2026RMB partnered with FNB and Visa to launch the Visa Commercial Pay B2B payments platform in South Africa, bringing enterprise payment infrastructure typically found in mature markets to the local operating environment.
• Department of Home Affairs (South Africa)coreStrategic or Co-development Partner · 2 April 2026FNB launched Department of Home Affairs Smart ID Card application services at branches as part of Home Affairs @ Home reform program. Initially 4 branches, expanding to 16 by April 2026 and target of 240+ branches within a year. Customers pay standard R140 DHA fee with no additional bank charges.
• Monday DesignminorGTM or Marketing Partner · 24 March 2026FNB partnered with Monday Design and Author Digital Labs to co-present DiscovHer, a first-of-its-kind event in Accra, Ghana on March 21, 2026, celebrating and empowering women in the creative industry. Aligns with FNB's H.E.R. Banking proposition.
• Author Digital LabsminorGTM or Marketing Partner · 24 March 2026Co-presented DiscovHer event with FNB and Monday Design, bringing together photographers, graphic designers, UI/UX designers, filmmakers, and visual artists for purpose-driven conversations.
• Edge GrowthminorStrategic or Co-development Partner · 11 February 2026FNB and Edge Growth opened applications for the 2026 SME Import Navigator Programme, an 18-month initiative (May 2026 to October 2027) supporting black-owned South African manufacturing SMEs with diagnostic assessments, mentorship, and specialist support.
• MastercardcoreTechnology or Integration · 11 November 2025FNB collaborated with Mastercard to launch Globba, a cross-border payments solution leveraging Mastercard Move, reaching over 120 countries for efficient and secure international money transfers. Initially targeting African countries like Zimbabwe, Malawi, Mozambique, and Ghana.
• WomenIN Festival 2025minorGTM or Marketing Partner · 7 November 2025FNB announced partnership with WomenIN Festival 2025 in Cape Town (November 13-14) focusing on empowering women through financial and leadership initiatives. Programs extend beyond the event for ongoing support.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Emerging players

• TymeBank: South African digital-only bank targeting entry-level and underbanked retail customers. Closely comparable to FNB's eWallet and mass-market deposit strategy, with a similar low-cost, app-first acquisition model.
• Discovery Bank: South African digital-first bank built on Discovery's behavioural insurance and Vitality rewards ecosystem. Competes with FNB's eBucks-style loyalty and app-led retail banking experience, especially for younger and lifestyle-oriented customers.

Direct peers

• Standard Bank Group: Africa's largest bank by assets and FNB's closest domestic competitor across retail, SME, corporate and cross-border banking. Operates a similar multi-country footprint with comparable product breadth, making it the most direct South African incumbent comparable.
• Absa Group: One of South Africa's 'big four' banks offering retail, business, corporate and investment banking across the continent. Directly competes with FNB for mass-market, SME and corporate deposits, lending, and digital banking customers.
• Nedbank Group: South African bank with retail, business and wholesale banking franchises. Competes head-to-head with FNB in deposit gathering, SME lending, and corporate banking, with overlapping branch and digital distribution.
• Capitec Bank: South African digital-led retail bank known for low-fee transactional accounts and unsecured lending. Directly attacks FNB's mass-market consumer and entry-level SME segments with a simpler, lower-cost proposition.

Others

• Visa: Global payments network that is simultaneously a core FNB partner (Visa Commercial Pay) and a platform layer across which FNB's card and merchant products are issued. Comparable as the ecosystem enabler whose rails underpin FNB's card acquiring and B2B payments economics.
• Mastercard: Global payments network partnering with FNB on the Globba cross-border product via Mastercard Move. Comparable as a network/technology enabler for FNB's remittance and card propositions across African corridors.

Regional players

• African Bank: South African retail bank focused on personal loans, credit and entry-level deposits. Comparable to FNB in its mass-market and unsecured-lending footprint, though narrower in product scope and not present in multiple African geographies.
• Ecobank: Pan-African banking group with a 35+ country footprint across West, Central, East and Southern Africa. Comparable to FNB's African expansion plans and cross-border ambitions, particularly relevant for the Globba corridor rollout.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/RBJacobs
• Facebookfacebook.com/FNBSA

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about First National Bank