South Africa’s largest retailer is now taking on the banks. Shoprite’s Money Market Account has become a fully-fledged bank account and can receive payments from any bank in South Africa. Account holders can now have their salary or social grant paid into this account. The retailer says it’s the cheapest entry-level bank account on the market.
There is no monthly account fee, and depositing cash or sending money is free. However, no interest is paid on balances, and the incentives discourage the withdrawal of cash. Shoprite believes it will go a long way.
Source: eNCA
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