Shoprite is planning to offer a transaction account that will target lower income South Africans.
Jean Olivier, the general manager of financial services at Shoprite, said that the new update will be the closest thing to a free, all-inclusive transactional banking experience.
The average withdrawal currently concluded on the Money Market Account is roughly R500 and deposits average R350, said Olivier. The Money Market has two accounts within it, the voucher account that can be used for rewards on goods sold at Shoprite-affiliated stores and the transactional account. He said that, unlike other banking companies that are moving further online, Shoprite is ensuring that they have branches and call centres that can assist with any queries with the account.
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