Nedbank, one of South Africa’s largest banks, announced today that its Money App has attracted more than 400 000 new customers in 2021.

The bank said that its Monet app is now actively used by 1, 6 million clients for the year to end-December 2021, up by 38% from 2020.

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

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

Nedbank added that transaction volumes on the Money app rose by 54% and transaction values increased by 72% when compared to full-year 2020.

New features introduced during the period include a quote and fulfil functionality for funeral cover, life cover, car insurance and homeowners’ cover (HOC), as well as claims functionality for HOC and funeral policies.

Nedbank said the functionality to make payments to cellphones and new investments have been enhanced and clients are now able to request real-time credit limit increases via the app.

Revenue from value-added services increased by 53% across prepaid data, vouchers, electricity purchases, LOTTO and Send-iMali, said Nedbank.

The Nedbank Money App (Africa) has proven to be a channel of choice across our Nedbank Africa Regions (NAR) subsidiaries owing to the convenience, wide functionality base and user experience, and achieved an app store rating of 3,7 (out of 5), said the bank.

Nedbank added that the total number of enrolments at the end of December 2021 for the common monetary area (CMA) countries exceeded 63 000 users, with the total number of app users across NAR now more than 90 000. App volumes increased by 35% year on year, while value-added services (including airtime and electricity) purchases grew by 26%.

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