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Nedbank’s new free mobile bank account attracts 50,000 users in less than eight weeks

Dec 4th, 2018

In less than eight weeks, Nedbank’s new mobile account, MobiMoney, has seen more than 50 000 people sign up in the Soweto, Tembisa, Mamelodi and Soshanguve areas where the solution was piloted.

As further testament to the popularity and ease-of-use of the innovative offering, these MobiMoney users have already conducted more than 185 600 transactions worth a total of R59 million. The main transactions have been money transfers, withdrawals and deposits, as well as airtime purchases and DSTV account payments – all of which are free of charge to the customer.    

Banking is much more accessible to all South Africans through the power of MobiMoney which is a simple yet secure solution. Any individual with a basic cell phone can access a broad array of financial services solutions, therefore, placing banking in the palms of their hands at any time of the day.

Ciko Thomas, Group Managing Executive, Nedbank Retail and Business Banking, says that Nedbank has not been at all surprised by the quick uptake of MobiMoney. “We designed MobiMoney in response to South Africans wish for an affordable and accessible banking account that meets everybody’s needs,” he explains, “and the phenomenal take-up of the pilot shows that, with MobiMoney, Nedbank has made it possible for anyone to benefit from a solution that lets them transact wherever they are.”

Almost 30% of the new MobiMoney clients who signed up for the cardless account during the pilot launch were not yet clients of Nedbank. According to Thomas, this not only demonstrates that MobiMoney is succeeding in making banking accessible, but it also proves how much people value the quick and easy registration process. “With MobiMoney, you can literally sign up for an account in seconds,” he explains, “and the whole process can be done from your mobile phone using your identity number, so there’s no paperwork, no cost, and no need to go anywhere near a bank branch.”

“Nedbank is hugely excited about rolling out MobiMoney across the country in the coming months,” Thomas concludes, “because in doing so, we will literally be putting affordable banking in the hands of every single South African.