Shoprite Launches The First Transactional Bank Account Offered By A South African Retailer
Shoprite Launches The First Transactional Bank Account Offered By A South African Retailer. It’s official, Shoprite’s Money Market Account is now a full-fledged, transactional bank account, the first ever offered by a South African retailer – and the lowest cost entry-level bank account on the market. Clients pay a flat R5 fee for cash withdrawals. Every other transaction is free, and there are no monthly fees.
Using data from a recent Business Tech article, a cost comparison against other entry-level bank accounts shows the Money Market Account emerging clearly as the most affordable entry-level bank account in the country. The Money Market Account has rapidly added functionality and customers since its launch in 2020, and now gives almost two million banked and unbanked customers access to basic transactional banking.
“The development and roll out of the account has 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.” said Jean Olivier, General Manager: Financial Services for the Shoprite Group. The company’s purpose is to uplift lives every day by pioneering access to the most affordable goods and services, creating economic opportunity and protecting the planet.
With the bank account customers can skip long queues and high fees at ATMs by depositing and withdrawing cash at any till point at Shoprite, Checkers and USave supermarkets nationwide. Customers can also send money, buy airtime, data, electricity, send grocery vouchers, pay bills and pay for groceries from their phones. There are no debit orders or deductions, so customers are in full control of their money.
The Shoprite Group is the largest South African retailer by market capitalisation, sales, profit and number of employees and customers. The company’s core business is food retailing, complemented by adjacent value-added retail services and offerings across a range of industries. Beyond South Africa, the company operates in 10 African countries.
