The Shoprite Group’s Money Market Account, which previously only enabled customers to deposit funds to pay for utilities and buy groceries, now provides customers with new transactional banking options including sending money and making withdrawals.
Money Market Accounts offer banked and unbanked consumers, many of whom are regular customers at the Group’s stores, access to basic transactional banking activities that are specifically aimed at their needs.
The account gives them:
- Simplicity and transparency, as there are no fees and no physical forms (all digital);
- Low-cost banking with no unwanted fees (no monthly fees, no load fees, no transactional fees, only a R5 withdrawal fee);
- No debit orders or deductions, so customers are in full control of their money;
- Easy access – on any mobile phone (feature & smart phones); and available for free via the Shoprite app, USSD (*120*3534#), WhatsApp (087 240 5709) or the Xtra Savings card.
- Retail hours – at all Shoprite, Usave and Checkers supermarkets – seven days a week enabling customers to transact when they want and make one trip instead of going to a store and a bank.
Anyone can register for a Money Market Account as customers just need a South African ID or any passport and a South African cellphone number.
The Money Market Account has been running for over a year in its initial phase and has attracted over 530 000 users, indicating that customers see its value and prompting the Group to move to the next level – to enable customers to withdraw money and send it to family and friends.
Now customers will be able to send and withdraw money, and as they do not only have to spend the money at stores, they can start using the account as a savings account.
“The development and roll out of the account have been driven entirely by customer needs. They wanted a straightforward account which allows them to be in full control of their money and does not surprise them with any hidden fees,” says Jean Olivier, General Manager: Financial Services at the Shoprite Group.
While the Money Market Account has increased its banking functionality, facilitated by a partnership with Grindrod Bank, the Shoprite Group has no intention of becoming a fully-fledged bank, but rather to use its size and reach and technology to provide basic transactional banking and solve basic transactional banking issues for its customers.
To get a Money Market Account, register for a free account in-store or: