Nedbank, one of South Africa’s largest bank, announced that its Money app is now actively used by 1,2 million clients for the year to end December 2020, up by 42% from 2019.

The Money app, which first launched in September 2019, makes banking more convenient for retail clients.

It is an easy-to-use, on-the-go banking app that enables you to do all your banking on your smartphone or tablet.

“It continues to be rated highly on the Apple and Google app stores, with an average client rating of 4,4 (out of five),” said Nedbank on Wednesday.

The banking group added that transaction volumes on the app increased by 70%, and transaction values rose by 53% in the year to end December 2020 versus the same period in 2019.

This month, Nedbank integrated quick response (QR) code technology into its Money App to enable customers to make contactless withdrawals at ATMs around the country. Nedbank customers can withdraw cash by scanning a QR code at select Nedbank ATMs, using the Nedbank Money App on their smartphone.

Private Wealth app

Nedbank further stated that the Nedbank Private Wealth app, which offers integrated local and international-banking capabilities, has been downloaded nearly 24 000 times and has an average rating of 4,5 on the Apple and Google app stores.

“We enabled our employees and clients to contribute R160 million to the Solidarity Fund through the Money app, Online Banking and the Nedbank website.”

Tap on phone

Nedbank also launched tap-on-phone functionality during the year, enabling all merchants and business owners to convert their cellphones into payment acceptance devices to meet clients’ needs who are increasingly looking for contactless ways to pay.


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