Banks such as Capitec Bank are facing new, tough competition from the retailer.
Refilwe Moloto interviews Jean Olivier, General Manager: Financial Services for the Shoprite Group.
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Shoprite Group now has a transactional bank account – the first of its kind by a retailer.
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It is the lowest-cost account in South Africa, by far.
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It is super-convenient with “banking hours” the same as store hours – including on Sundays.
Shoprite Group has just launched a fully-fledged transactional bank account.
Its “Money Market Account” has the lowest fees of any bank account on the market, charging a flat rate of R5 for cash withdrawals while all other transactions are free.
When you put a R100 into this account, it stays a R100, whether you need to access it next week, next month, or in six months’ time…
Jean Olivier, General Manager: Financial Services – Shoprite Group
Account holders can deposit and withdraw cash at any Checkers, Shoprite or USave.
They can also send money, buy airtime, data, and electricity, send grocery vouchers, pay bills, and pay for groceries from their phones.
The Money Market Account has no credit facility.
A major benefit is the hours – when the store is open, the bank is open.
You can apply for the account on the Shoprite app; there is a two-minute registration process.
You can also apply in-store.
It’s open to anybody, but with the Xtra Savings card, you will have an enhanced experience. You can link your Xtra Savings card to your Money Market Account, and then you can use your Xtra Saving card as your bank card…
Jean Olivier, General Manager: Financial Services – Shoprite Group
We’ll help you save more…
Jean Olivier, General Manager: Financial Services – Shoprite Group
Refilwe Moloto interviewed Jean Olivier – scroll up to listen.
This article first appeared on CapeTalk : Shoprite Group launches bank account with lowest fees in South Africa, by far
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