Standard Bank launches new low cost account that rewards users with free mobile data

 ·22 May 2019

Standard Bank has launched a new low-cost account, which rewards clients with free mobile data.

Called the MyMo account, it offers banking services for a fee of R4.95 per month, cheaper than its entry-level Access account which charges R5.60 per month.

Customers can open MyMo on their mobile devices, which comes loaded with data and airtime offerings and other benefits such as virtual and Gold physical cards.

With no documentation required it only takes a few minutes to open the account, said Funeka Montjane, chief executive, personal and business banking. “For just R4 .95 a month customer will be able to enjoy free swipes and ATM withdrawals at only R6.50 for amounts under R1,000.”

MyMo account holders will also gain a cheque account through a Visa and Mastercard gold card. Once the account is open, users can choose to either receive R50 in airtime or 500MB of data a month, if their card is swiped more than four times a month. A further megabyte of data is loaded on the account for every R20 spent.

“Mobile is the new branch. This account is about bringing the mobile branch into customers hands, it is about convenience and security while banking,” said Montjane.

Standard Bank said it is using technology, and mobile phones in particular, to deliver low-cost transactional channels accessible to all its customers.

“The evolution in mobile can be seen in transaction options like cash back at the retail checkout till rather than the ATM, free digital banking rather than using a branch, and the ability to transact using digital wallets, even without a bank account,” it said.

“Developing comprehensive connected ecosystems require a mind-set change from Africa’s banks.

“Banks will evolve away from traditional financial service organisations, into service ecosystems enabling broad universal access to almost everything like enhanced purchasing experiences of vehicles and homes, online procurement of goods and services and lifestyle elements like rewards and travel.

“These connectivity drivers will also act to future-proof evolving connectivity ecosystem by allowing us to offer untold future services while deriving income from as yet unrealised revenue streams,” Montjane said.

Read: African Bank launches ‘cheapest transactional account in South Africa’

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