FNB has recorded a spike in deposits and transactions on its global account, which allows customers to save and transact in foreign currency, as easing Covid-19 travel restrictions boosts client demand for international currency.

The retail banking unit of FirstRand says account balances on its global accounts have surpassed R7bn after it experienced a 63% surge in new accounts being opened in the 12 months to end-May 2022. Expenditure by retail customers using the global account also surged 90% in that time frame, driven by foreign travel and customers transacting online from SA...

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