Shoprite’s Money Market Account expands banking services – including withdrawals

Shoprite money market instant EFT
Image credit: Shoprite

South African popular retailer Shoprite has announced that it is expanding its Money Market Account’s banking services – including sending money and making withdrawals.

In a statement on Wednesday (20 October), the group said previously, account holders could only deposit funds to pay for utilities and buy groceries.

Shoprite Money Market Account benefits

Shoprite said its Money Market Account offers banked and unbanked customers access to basic transaction services at no fees and without having to fill forms.

The benefits include:

  • 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 and 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.

To register for the account, all you need is your South African ID or any passport and a South African cellphone number. You need to be at least 18 years old.

Around 530,000 South Africans have signed up for the account since its launch last year, something that has prompted Shoprite to move the service to a “new level,” it explained.

New banking services – including withdrawals

According to the group, account holders can now withdraw money and send it to family and friends. This means that they do not only have to spend the money at stores, and 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,” Shoprite’s general manager for financial services said.

Despite expanding Money Market Account’s services, Shoprite said it has no intention of becoming a fully fledged bank. Rather, it plans to use its size, reach and technology to “provide basic transactional banking and solve basic transactional banking issues for its customers.”

The is the latest innovation for the account after Shoprite, in partnership with Ozow, launched a new instant electronic funds transfer (EFT) payment service in August this year.

To sign up for a free account, dial the USSD code *120*3534# or WhatsApp this number: 087 240 5709. Alternatively, you can download the app from Google Play (Android users) or App Store (iPhone users).

Once you’ve registered, go to any Shoprite till and load money to start using your account. You can also load at Checkers, Usave or K’nect tills or at the Money Market counter. As long as funds are loaded in your account, you can transact.

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