African Bank has launched its transactional banking offering called MyWORLD, an account which it hopes will compete with South Africa’s new emerging digital banks.
MyWORLD enables customers the ability to bank together through shared banking.
Up to five additional accounts can be opened under the main account – a total of six accounts, with no monthly account fees on any of the accounts.
“Our increased and diversified product offering, underpinned by our omni-channel platform, will enable us to compete favourably against the established and emerging banks,” said CEO of African Bank, Basani Maluleke.
“MyWORLD is the cheapest transactional account in South Africa.”
When a primary account holder opens a MyWORLD account, they get access to a primary account and two types of pockets — a ‘Power Pocket’ and a ‘Savings Pocket’ .
A Power Pocket enables the user full transaction capability. It comes with its own account number, debit card and PIN and earns 5.5% interest per annum on positive balances.
The Savings Pocket allows the primary account holder to save at an interest rate of 6.5% per annum on any positive balance.
A Pocket User, who can be anyone that the primary account holder designates, can be added to both a Savings Pocket and a Power Pocket.
User status allows the person full access to the Pocket. The primary account holder can also decide who is responsible for the pay-as-you-use transaction fees on each Pocket, the bank said.
The primary account holder can add up to 10 members on any Pocket. Member status allows the member to view the pocket and to deposit, but not to withdraw or transfer any funds.
“This functionality can be utilised by informal savings clubs, church groups and any collection of people wishing to save together for a shared trip or activity,” the bank said.
MyWORLD operates on African Bank’s new omni-channel platform that allows accounts to be opened and managed through all the bank’s channels, including the website, app, cellphone, in the branches and through the contact centres. A customer can open a MyWORLD account online or via the app.
The only requirement to come into branch is to generate and receive their MyWORLD debit card, it said.