Shoprite quietly launches mobile banking to 20 million customers

ShopRite

Shoprite Group, South Africa’s largest retailer, which also operates in Ghana, has quietly launched a basic transactional bank account linked to its Xtra Savings rewards cards.

With more than 20 million of these in issue across the Checkers and Shoprite brands, customers need only to register for the Money Market Account to enable banking on their existing cards.

The Money Market Account, which was launched in August last year, has over 530,000 customers, which the group says indicates that “customers see its value”. The group has 24 million unique customers in South Africa alone.

Access to the basic, no-frills account is via the group’s mobile channels (via the Shoprite app, USSD or WhatsApp). Prior to last month, the account only enabled customers to deposit funds to buy groceries and pay utility bills.