Click here to learn more about Nedbank MobiMoney.<\/a><\/strong><\/li>\n<\/ul>\nAccording to Vanesha Palani, Executive of Transactional Products at Nedbank, the stellar growth in popularity of Nedbank MobiMoney is due to a combination of it being cost-efficient and convenient, which makes it an ideal money management solution for individuals and businesses.<\/p>\n
\u2018Anyone with a valid South African identity number can open a Nedbank MobiMoney Account on any mobile device in seconds, without having to visit a branch or provide any supporting Financial Intelligence Centre Act (FICA) documents,’ Palani says.<\/p>\n
\u2018They can then use the secure account immediately to do a range of transactions simply by dialling *120*002# from the device or using the Nedbank Money app once the account has already been opened via the USSD dial string.\u2019<\/p>\n
She explains that MobiMoney accountholders can deposit money into their accounts at various retail partners as well as any Nedbank ATM, and then transfer money to other MobiMoney Accounts quickly, easily and at no cost.<\/p>\n
Recipients can then withdraw their money from any Nedbank ATM, enjoying one free withdrawal per month.<\/p>\n
But she says that many MobiMoney accountholders don’t withdraw the cash they receive, as the account enables them to do a number of transactions conveniently.<\/p>\n
These range from paying a DStv account to buying prepaid airtime, data and electricity, and making instant payments using a mobile device and Masterpass.<\/p>\n
\u2018One of the key features of MobiMoney that sets it apart from many other wallet-based accounts is that it works just like a traditional bank account.<\/p>\n
It means that recipients of money into their MobiMoney Accounts are not limited in terms of what they can do with the money, or how quickly they have to withdraw it.<\/p>\n
They can hold the money in their account indefinitely and then withdraw or use the money to pay directly for goods and services, at their leisure,’ she says.<\/p>\n
Palani says that these innovative features, combined with the affordability of MobiMoney, are what drove the strong initial uptake of the account among SA clients.<\/p>\n
But the growing recognition by informal traders, businesses of all sizes, and even government departments of the money management and e-commerce potential presented by MobiMoney has led to exponential growth in the number of accounts being opened.<\/p>\n
\u2018MobiMoney is an excellent payment solution for the small business or informal trader because it allows a client to pay digitally immediately and directly, simply by entering the secure pay code.<\/p>\n
As the initial national lockdown made traditional banking transactions challenging, many larger organisations also turned to Nedbank MobiMoney as a secure, convenient and paperless way of making many of their monthly payments.<\/p>\n
The most notable was when government used MobiMoney to make digital payments to recipients of the R350 South African Social Security Agency (Sassa) grant,’ she says.<\/p>\n
While many of the lockdown restrictions have now been lifted, accountholders continue to take advantage of the cost-efficiency and convenience of this unique digital solution.<\/p>\n
Palani says that a good example of this is the growing use of MobiMoney by public and private sector entities to facilitate petty cash payments now that cheques are no longer in use.<\/p>\n
\u2018While there are certain transactional value limits that we had to put in place to allow MobiMoney to be available without the need for FICA documents, it is easy for a business to raise these limits to use the account for higher-value transactions, and the fact that MobiMoney enables easy transaction tracking and reconciliation makes it an ideal solution for smaller, cost-effective bulk disbursements like wages,’ she says.<\/p>\n
Palani is confident that MobiMoney will continue to grow, given the plans that Nedbank has to expand the features, capabilities and value the digital account offers.<\/p>\n
\u2018We believe that we have just scratched the surface in terms of the massive potential that Nedbank MobiMoney offers as a value-adding digital banking solution,\u2019 Palani says.<\/p>\n
\u2018We will continue to invest in developing and expanding this innovative offering into a highly effective money management platform that significantly enhances the lives and businesses of all South Africans.\u2019<\/p>\n","protected":false},"excerpt":{"rendered":"
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