The Absa Islamic Business Evolve Zero Account is a Shari’ah compliant cheque account for sole proprietors. The account was first introduced in 2020 due to the effects of COVID-19 on owner-based businesses as they were affected the most.
Sole proprietors are important in the South African economy but are, however, the least catered for in the banking sector. Thus, Absa Bank came up with the Absa Islamic Business Evolve Zero Account along with the Absa Business Evolve Zero Account to address some of the concerns sole proprietorships encounter.
To assist with the financial needs of sole traders, the Absa on this account cut off the monthly service fee completely and added other value-added benefits to help sole proprietors meet their partial compliance objectives.
The Islamic Business Evolve Zero Account offers free quoting and invoicing platforms that sole proprietors can take advantage of. Not only does the account offer quoting and invoicing platforms, but it also offers a full payroll feature and a VAT report generation system.
Absa Islamic Business Evolve Zero Account Summary
The Absa Islamic Business Evolve Zero Account is a Shari’ah-compliant business cheque account that uses a tier system for transaction purposes. The account has a monthly service fee of R0.00. To qualify for the Islamic Business Evolve Zero Account, clients must be sole proprietors and earn an annual turnover of less than R5,000,000.00.
The Islamic Business Evolve Zero Account uses a tier system for transactional billing purposes, with the main billing categories being payments, immediate payments, debit orders, and debit card purchases. The tiering system is progressive since the cost of transacting increases per tier.
By virtue of having this account, clients get access to a dedicated service desk. The team of bankers is there to help sole proprietors with their daily banking needs.
Absa Islamic Business Evolve Zero Account Benefits
- The account doesn’t have a monthly service fee attached to it.
- There is no subscription fee for the Absa digital platforms.
- The account houses a tiered pricing system for transactions, so it is easy to anticipate costs.
- The account number that is used for this account will be maintained regardless of whether the sole proprietor migrates to another account type within Absa.
- Clients get a Visa debit card that assists with day-to-day cash withdrawals, cash-free payments, and purchases.
- It comes with an option to get secondary debit cards, and personalised card options are also available.
- Access to the self-service portal, Absa ATMs, Absa supported ATMs and Absa branch networks
- The sole proprietorship gets access to the cash flow manager at no additional monthly management fee.
- The account has zero fees on Absa inter-account transfers and Absa to Absa internal debit orders.
- access to cash handling services.
- Can view statements online or can choose your bank statement to be delivered via email at no cost.
Absa Islamic Business Evolve Zero Account Fees 2022
| # | Fee description | Fee per transaction |
|---|---|---|
| 1 | Monthly Administration Fee | R0.00 |
| 2 | Payments of first 5 transactions | R1. 45 |
| 3 | Payments of 6 – 10 transactions | R2.50 |
| 4 | Immediate payments to first 5 transactions | R8.00 |
| 5 | Payments of 11 – 190 transactions | R10.00 |
| 6 | Payments of 190 plus transactions | R15.00 |
| 7 | Immediate payment of over 5 transactions | R49.00 |
| 8 | First 5 debit order transactions | R3.50 |
| 9 | Debit orders between 6 – 10 transactions | R6.00 |
| 10 | Debit orders between 11 – 15 transactions | R19.00 |
| 11 | Card purchases for the first 10 transactions | Free |
| 12 | Card purchases between 11 – 30 transactions | R4.20 |
| 13 | Debit orders of more than 15 transactions | R25.00 |
| 14 | Card purchases between 31 – 80 transactions | R6.00 |
| 15 | Over 80 card purchases | R10.00 |
| 16 | Internal account transfers | Free |
| 17 | Internal debit orders | Free |
| 18 | Digital banking subscription | Free |
| 19 | Cashflow manager offering | Free |
| 20 | Visa debit card fee | Free |
Competitive Advantages of the Absa Islamic Business Evolve Zero Account
- The monthly service fee is R0.00 per month.
- Transactional costs are tiered up. It can be easy to estimate the transactional charges when costs are tiered up.
- Free access to the Absa digital platforms.
- Cashflow management services are for free.
- Clients get access to a service desk.
Competitive Disadvantages of the Absa Islamic Business Evolve Zero Account
- No access to the Absa Rewards Program.
- The more transactions one makes the more transaction fee they will pay.
Account Requirements
- Must be a Sole proprietor.
- Have an annual turnover of up to R5,000,000.00 per annum.
- ID Copies of the business owners.
- Proof of address not older than 3 months for the owner of the business.
- Proof of physical address of the business or an Affidavit
Conclusion
The Islamic Business Evolve Zero Account offers the best value for money for sole proprietorships. With this account, sole proprietors can now perform banking transactions and also get value-added services for free.
