Absa Business Evolve Ignite Account Review 2023

The Absa Business Evolve Ignite Account is designed for businesses with limited monthly transactions and carries a monthly account fee of R180.00. The account is best suited for businesses with an annual revenue range of R0.00 to R500 million.

The account comes with 15 payment transactions per month which include bill payments, external debit orders, and debit card payments. Additionally, Absa deposits and withdrawals are limited to 5 transactions per month or R25,000.00, whichever comes first.

Absa Business Evolve Ignite Account holders can access Mobile Pay at no monthly rental fee and with no once-off fee. However, Mobile Pay comes with a 2.75% merchant service fee per transaction.

In addition to these transactional benefits, the Absa Business Evolve Ignite Account also offers several other beneficial services and features, which are detailed below.

Benefits of the Absa Business Evolve Ignite Account

The Absa Business Evolve Ignite Account provides several benefits to account holders. These include:

• R0.00 charge on Absa inter-account transfers, notify me, and Absa to Absa debit orders.
• Free access to the Mobile Pay point of sale function.
• The ability to open multiple Absa Business Evolve Ignite accounts, each with its own account number and monthly account fee.
• The option to open secondary debit cards for multiple users, which can be personalized for easy identification.
• Free access to Absa’s digital platforms, which provide account holders with self-service functionality for their bank accounts, allowing them to open new accounts, apply for credit, make transactions, and manage their accounts at no additional cost.
• The opportunity to start saving by opening an Absa Liquidity Plus investment account.
• Access to a cash flow manager at no additional cost.
• The ability to use Absa ATMs, supported ATMs, and branch networks to make transactions, submit queries and make enquiries.

Absa Business Evolve Ignite Account Fees 2023

Advantages of the Absa Business Evolve Ignite Account

• Account holders can make a high volume of transactions.
• Account holders have free access to the Absa digital platforms.
• Statements are emailed to the account holder every month free of charge.
• Notify me, inter-account debit orders and inter-account transfers are free of charge.
• Secondary cards can be ordered and personalized for use by multiple users.
• Sole traders can also apply for the account.
• Mobile Pay is available with no monthly fee.
• A Shari’ah-compliant variant of the business ignite account is also available.
• Multiple accounts can be opened to accommodate businesses that run multiple divisions.

Disadvantages of the Absa Business Evolve Ignite Account:

• The account does not cater to companies that require industry-specific accounts. For example, a business that conducts multiple transactions per day will need an account that offers low transaction fees for out-of-bundle charges.
• Bank charges can become expensive for businesses with a high number of deposits and withdrawals per month.

Absa Business Evolve Ignite Account Application

To apply for the Absa Business Evolve Ignite Account, applicants must:

• Have a valid South African ID book or Smart card.
• Provide proof of residence that is not older than 3 months at the time of application.
• Have a company registration certificate if the company is registered.
• Provide a company mandate to open the account if the business has more than one director.
• Submit 3 months bank statements for the company.
• Provide proof of the physical address of the business.

Conclusion

The Absa Business Evolve Ignite Account provides significant transactional savings for companies that make only a few transactions per month. The account also includes value-added services that enhance the account, with the majority of these services being free of charge.