Shoprite launches free mobile transactional banking service

Shoprite launches free mobile transactional banking service

Shoprite has launched free transactional banking services to unbanked South Africans via their cellphones, taking on FNB’s recently released eWallet eXtra offering.

Shoprite Money is essentially a mobile wallet that enables customers to deposit, withdraw and send money electronically, buy prepaid electricity and airtime, as well as buy groceries at any Checkers, Shoprite, Checkers Hyper and Usave store.

All transactions are free , expect for a R9,95 fee for withdrawals.

“Basic transactional banking services in South Africa are expensive and in many cases, still not accessible to a large number of South Africans,” said Joseph Bronn, Chief Business Officer at the Shoprite Group.

“We believe Shoprite Money will have a marked impact on economic activity in South Africa.”

The service – in partnership with global fintech company Celbux and Google, sponsored by Standard Bank and regulated by the SA Reserve Bank – is available to people over the age of 18. You’ll need an ID to activate your Shoprite Money account and your cellphone number will serve as your account number.

How Shoprite Money Works

Shoprite Money works by using an USSD string (by dialling *134*3534#) via a cellphone with eight menu options. Once an option is selected, a PIN is sent to your phone. You’ll be required to key it into the pad at a till point for the transaction to be processed electronically.

The group said the offering would be rolled out to other African countries over the next year to 18 months.


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