Shoprite’s Money Market Account is now officially a fully fledged transactional bank account – and in the process becoming the cheapest bank account in South Africa.
The mega retail group announced the new development in a statement on Tuesday (30 August 2022), noting that it is the first ever South African retailer to offer such an account.
The cheapest bank account in South Africa
According to Shoprite, holders of a Money Market Account pay a flat R5 fee for cash withdrawals, zero fees for other transactions and zero monthly fess, making it the cheapest bank account in South Africa.
“[It is] the lowest-cost entry-level bank account on the market. No other South African bank account matches this offer,” the group said, citing data from a BusinessTech report published earlier this year.
Shoprite launched its Money Market Account in 2020 and has been adding various functionalities since then. For instance, it launched an instant electronic funds transfer (EFT) payment service via the Account in August last year.
This was followed by an expansion of the Account’s banking services in October 2021 to include making withdrawals and sending money to friends and family. The Account now has more than two million users countrywide.
“The development and roll out of the account has been driven entirely by customer needs,” Shoprite’s General Manager for Financial Services Jean Oliver said.
“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.”
What you can do with a Shoprite Money Market Account
Holders of the Shoprite Money Market Account can use it for the following transactions:
- Depositing and withdrawing cash at any till point at Shoprite, Checkers and USave supermarkets nationwide.
- Sending money; buying airtime, data and electricity; sending grocery vouchers; paying bills; and paying for groceries from their phones.
The Account has no debit orders or deductions, which means that customers are in full control of their money. There are no physical forms to sign because everything is digital, the group said.
Furthermore, customers can conduct their transactions during retail hours (as opposed to banking hours), which means the services are available seven days a week.
To sign up for the Account, dial the USSD code *120*3534# or send a WhatsApp message to 087 240 5709. You can also sign up via the app, which is available for download on Google Play (Android users) or App Store (iPhone users), or with your Shoprite’s Xtra Savings card.
After signing up, visit any Shoprite, Checkers, Usave or K’nect store. Go to a till or Money Market counter and load money to start using your account. As long as funds are loaded in it, you can transact.