Sustainability, Banking, Aug. 31, 2022, 12:46 p.m.

Meet South Africa’s lowest cost bank account


Shoprite’s Money Market Account is now a full-fledged bank account. It already provides almost two million banked and unbanked customers the best deal on the market.

It’s official: Shoprite‘s Money Market Account is now a full-fledged, transactional bank account, the first ever offered by a South African retailer – and the lowest cost entry-level bank account on the market. 


Clients pay a flat R5 fee for cash withdrawals. Every other transaction is free, and there are no monthly fees. No other South African bank account matches this offer.  


Using data from a recent Business Tech article, a cost comparison against other entry-level bank accounts shows the Money Market Account emerging clearly as the most affordable entry-level bank account in the country.  


The Money Market Account has rapidly added functionality and customers since its launch in 2020, and now gives almost two million banked and unbanked customers access to basic transactional banking.  


“The development and roll out of the account has been driven entirely by customer needs,” says Jean Olivier, General Manager: Financial Services for the Shoprite Group. “They wanted a straightforward account which allows them to be in full control of their money and does not surprise them with any hidden fees.” 



Shoprite Money Market Account benefits: 


- Customers can skip long queues and high fees at ATMs by depositing and withdrawing cash at any till point at Shoprite, Checkers and USave supermarkets nationwide. 

- Customers can also send money, buy airtime, data, electricity, send grocery vouchers, pay bills and pay for groceries from their phones. 

- There are no debit orders or deductions, so customers are in full control of their money. 

- Besides low-cost banking, the Money Market Account also offers: 

- Simplicity, with no physical forms (everything is digital). 

- Retail hours (not banking hours), seven days a week. 

Easy access on any mobile phone (both feature and smart phones); and available via the Shoprite app, USSD (*120*3534#), WhatsApp (087 240 5709) or Shoprite’s Xtra Savings card.