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Transactional Account Terms

Acceptance of terms

You will be asked to confirm that You understand and accept the Transactional Account Terms when You complete the application to open a Transactional Account. These Transactional Account Terms with Our General Terms will govern the contractual relationship We have with You.

Access to Transactional Accounts

Through Access Bank, We provide You with access to Transactional Accounts on Our Platform.

We are an authorised distribution partner of Access Bank South Africa Limited with registration number 1947/025414/06 (“Access Bank”), an authorised financial services provider (FSP 5865).

By making use of a Transactional Account, You also agree to the Access Bank Terms and Conditions.

If there is a conflict between the Access Bank Terms and Conditions and the Transactional Account Terms, the Access Bank Terms and Conditions will apply.

Who can open a Transactional Account?

A Transactional Account can only be opened for:

  • Sole proprietors;
  • Private companies; and
  • Close corporations.

Types of Transactional Accounts

  • Free

Per transaction pricing.

  • Unlimited

Monthly subscription with no standard transaction fees.

Which services will be available on the Platform?

When using the Platform, You can:

  • Obtain information relating to Your accounts;
  • Transferring funds to and from Your accounts;
  • View and print statements including transfer history, balance enquiry and interim statements;
  • Pay third party accounts (“once-off” payments);
  • Make inter-bank account transfers;
  • Make defined beneficiary payments;
  • Apply for funding;
  • Scheduled payments and transfers; and
  • Manage beneficiaries.

Further services may be added from time to time. There is, however, no obligation on Us to add more services despite any promotional or marketing communication.

We can modify, replace or withdraw any service at any time, for any reason, without prior notice to You. We will notify You of any changes.

Funding Your Transactional Account

When applying for any of Our Funding Solutions, the available funds can be deposited into Your Transactional Account.

You can also transfer money electronically from any bank account to Your Transactional Account.

You can only access funds in Your Transactional Account once cleared. In addition, the standard banking practices and time standards apply.


You will earn 1.5% interest per annum on any positive balance in Your Transactional Account which will be credited to Your account at the end of each month.

Using Your Transactional Account

You can only use Your Transactional Account through Our Platform or by making use of Your Lula Card.

We will not carry out payment instructions if there is no available balance or insufficient funds in Your Transactional Account. In the event of Us carrying out a payment instruction and there is no available balance or insufficient funds in Your Transactional Account, You must immediately repay the unauthorised overdrawn amount to us.

Your Lula Card

You can use Your Lula Card for the following:

  • Withdraw cash from an ATM and selected point of sale (POS) devices;
  • Get an account balance at an ATM or a selected POS device;
  • To pay for goods and services from suppliers who accept the card;
  • To pay for goods and services purchased on the internet;
  • To pay for subscriptions and membership fees using repeat payments (it is Your responsibility to inform the merchant/service provider if the card number or expiry date changes);
  • Purchase fuel at retailers that accept cards.

The Lula Card PIN is private and it is Your responsibility to keep it private. You must not disclose Your PIN to anyone.

We are not liable for any loss You sustain due to Your failure to keep Your PIN safe.

Only the person named as the authorised cardholder may use the Lula Card.

You may not transfer the Lula Card to any other person or allow any other person to use the Lula Card

If You lose Your Lula Card, certain fees for a new card will apply as per Our Pricing Guide.

The Lula Card is valid until the last day of the month of the expiry date shown on the Lula Card as the valid date.


If You are on the Unlimited Transactional Account plan, a monthly fee will be deducted from Your Transactional Account on the last day of each month.

If there is no money in Your Transactional Account, We will deduct the outstanding fee as soon as there is money in Your Transactional Account.

If You don’t pay your monthly fee, We reserve the right to suspend Your Transactional Account.

Some further fees apply to Your Transactional Account. You can view Our latest Pricing Guide here.

If there is a dispute between You and a supplier, Our right to charge Your account will not be affected. You do not have the right to instruct Us to refuse to pay the supplier or request a charge-back of payment already made to the supplier.

Any payment that We have made to a supplier is final and irreversible, unless:

  • Allowed by the payment provider;
  • There was a duplication in payment due to an error by the supplier; or
  • You can provide proof that the dispute with the supplier is settled.

You will be responsible for:

  • All unauthorised card-based transactions until We are notified of the loss or theft of the card;
  • Any unauthorised transaction that has been charged to Your Transactional Account by any person other than the cardholder using the PIN (unless the cardholder can prove that such person did not obtain the PIN because of the cardholder’s negligence); and
  • Any unauthorised transaction that has been charged to Your Transactional Account by any person other than the cardholder using the card for transactions made on the internet (unless the cardholder can prove that such person did not obtain the card or card number because of the cardholder’s negligence).

Card related disputes

You must raise any card-related disputes within 30 (thirty) days after the transaction date.

Minimum balance requirements for the Transactional Accounts

There are no minimum balance requirements to keep Your Transactional Account active.


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