Shoprite has now added transactional banking options in this account which previously only enabled customers to deposit funds to pay for utilities and buy groceries. Waldo Swiegers, Bloomberg.
Shoprite has now added transactional banking options in this account which previously only enabled customers to deposit funds to pay for utilities and buy groceries. Waldo Swiegers, Bloomberg.

Shoprite Group’s digital Money Market account holders will now be able to save using the account

By Given Majola Time of article published Oct 22, 2021

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SHOPRITE Group’s Money Market Account customers will now be able to send and withdraw money and even use this account to save, said the retail group on Wednesday.

It has now added transactional banking options in this account which previously only enabled customers to deposit funds to pay for utilities and buy groceries.

Shoprite Group’s general manager for Financial Services, Jean Olivier, said 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 Olivier.

The Group said that Money Market Accounts offered banked and unbanked consumers, many of whom are regular customers at its stores, access to basic transactional banking activities that are specifically aimed at their needs.

It said the account would give them simplicity and transparency, as there are no fees and no physical forms, as it was all digital, low-cost banking with no unwanted fees, since there are no monthly fees, no load fees, no transactional fees, but only only a R5 withdrawal fee and no debit orders or deductions, so that customers are in full control of their money.

The account is said to have easy access as it could be reached on any mobile phone, both feature and smart phones. It was also available for free via the Shoprite app, USSD (*120*3534#), WhatsApp (087 240 5709) or the Xtra Savings card.

With retail hours at all Shoprite, Usave and Checkers supermarkets stretching over seven days a week, it said it enabled customers to transact when they want and make just a single trip instead of going to a store and a bank.

Anyone can register for a Money Market Account as all customers need are 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. The Group said this indicated that customers saw its value and prompted the Group to move to the next level of enabling customers to withdraw money and send it to family and friends.

While the Money Market Account has increased its banking functionality, facilitated by a partnership with Grindrod Bank, the Shoprite Group said it 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 one can register for a free account in-store or download the Shoprite app from the App Store or Google Play Store. They can also dial *120*3534#.

Another option is to add Shoprite (+27 87 240 5709) or Checkers (+27 87 240 5385) as a WhatsApp contact and follow the prompts.

According to a survey released by Statista in February this year, showing the share of the population without access to the services of banks or similar organisations worldwide in 2021, by country South Africa had 31 percent falling into this category.

In countries like Australia, Canada, Denmark, Netherlands, Finland, Sweden, Norway the unbanked were at 0 percent. Most of the G8 countries excluding Russia (at 24 percent) were in single digits. The unbanked in both China and India accounted for 20 percent of the two country’s populations. In African countries Nigeria 60 percent, Egypt 67 percent and Morocco 71 percent were said to be unbanked.

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BUSINESS REPORT ONLINE

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