Shoprite launches new money market account

 ·12 Aug 2020

Shoprite has launched a new money market account, with the group ultimately planning to offer the transactional capabilities of a full banking account.

The retailer said that the free transactional account is available on the new Shoprite app or USSD and its main benefits include:

  • No monthly fees, no load fees, no transaction fees;
  • No debit orders – customers are in full control of their money;
  • No forms, no fees, no FICA – anyone can open an account.

The group said that customers can use the account to access many of the services available at its in-store money market counters, such as paying utility bills, buying airtime, data and Savings Stamps, as well as sending and receiving money.

The money market account will also allow customers to transact online, including at Computicket, where they can book bus tickets online or watch their favourite streaming events.

They will also soon be able to use their money market account on other websites, making e-commerce more accessible to everyone.

“Money Market is a brand that our customers have come to love and trust over the years,” said Jean Olivier, general manager: Financial Services for the Shoprite Group.

“We are extending its services to help our customers to transact securely and to save, as we are acutely aware of the importance of saving at this time.”

Olivier said that businesses of any size can also use the Money Market Account to process bulk payments, including rewards, incentives and grocery vouchers. Recipients only need a cell phone to access their funds.

Shoprite said that the money market account, which replaces the basic Shoprite Money product launched in May 2018, will grow to have most of the transactional capabilities of a full banking account.

Instead of having to stand in long queues to withdraw cash from an ATM, customers can use their Money Market Accounts to pay for transactions in any Shoprite, Checkers or Usave store.

To register for the account, Shoprite said that customers can download the new Shoprite app from the App Store or Google Play Store, or dial *120*3534# and enter their name, surname, ID or passport number and choose a five-digit pin.

It added that loading cash into the account will be free.

Customers can go to a Shoprite, Checkers or Usave store, select “Top up Account” on their phone, give the cashier cash and enter the eight-digit token displayed on their phone into the card machine. Balances will then update immediately.

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