The Lowest-Cost Bank in SA is Not Actually a Bank

How can the lowest-cost bank in South Africa not be a bank? Find out...

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South Africa’s lowest-cost bank is not in actuality a bank. Shoprite Group plans to expand its Money Market Account to resemble the transactional accounts of regular banks.

Previously account holders could only add funds to their accounts in-store but with the service update they will be able to make electronic funds transfers into their accounts.

“Our goal is to become South Africa’s largest low-cost transaction banking account,”

Jean Olivier – General Manager of Financial Services Shoprite

The only fees charged to account holders is a withdrawal fee of R 5 with all other transactions being free.

The Shoprite Group is also moving towards having more branches and call-centres as traditional banks are reducing these in favour of digital banking.

To read the full article visit BussinessTech, ‘South Africa’s lowest-cost bank isn’t a bank’.

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