FNB Eswatini is offering three-month home loan and vehicle finance repayment holidays, cash back on banking fees and funeral cover to attract new customers and salary earners.
The newly launched Switch to FNB campaign aims to make switching financial institutions more attractive by providing immediate financial incentives at a time when rising living costs continue to strain household budgets.
FNB Eswatini Executive Head of Retail Dr Mncedzi Ngomane said qualifying customers who switch their home loans to FNB during the campaign can receive a three-month repayment holiday, with the bank also covering qualifying bond costs.
Through WesBank vehicle finance, qualifying customers purchasing vehicles or exploring finance switching options can similarly enjoy a three-month break from instalments.
Ngomane said the incentives were intended to provide households with temporary financial relief as they manage major commitments such as mortgage repayments, vehicle installments, school fees and groceries.
However, he cautioned that repayment holidays should not be mistaken for debt forgiveness. Customers should establish whether interest continues accumulating during the payment break and how deferred installments affect the overall repayment period and cost of credit.
The campaign also targets salary earners. Customers who open an FNB account and transfer their salaries to the bank qualify for cash back on their first three months’ monthly account fees, payable after the third month.
Those who switch their salaries and take up qualifying FNB Personal Loans can also receive a one-month repayment holiday.
Additionally, qualifying customers transferring their salaries to FNB receive E5 000 member-only funeral cover, with premiums waived for the first three months. Customers can subsequently explore additional cover for family members.
Ngomane said the campaign reflects the bank’s efforts to help customers retain more money in their pockets, following initiatives such as doubled Fuel Cash Back Rewards and pricing concessions introduced in July.
Despite the attractive incentives, customers are encouraged to compare interest rates, fees, repayment periods and the total cost of borrowing before switching. They should also establish the eligibility requirements attached to each offer.
The campaign’s success will ultimately depend on whether customers continue benefiting beyond the promotional period. Meanwhile, FNB’s 2025/26 integrated annual report disclosed that the bank invested more than E5.4 million in society through corporate social investment and sponsorship initiatives.
The latest campaign, however, highlights the growing competition for individual customers and salary accounts, potentially putting pressure on other financial institutions to improve their pricing, services and customer acquisition offers.
