International Finance

African Bank enables shared banking in South Africa

African Bank, MyWORLD
CEO of African Bank, Basani Maluleke said “MyWORLD is the cheapest transactional account in South Africa”

Headquartered in Midrand, South Africa, African Bank has launched a new transactional offering called MyWORLD. The introduction of MyWORLD will allow the bank to gain a competitive advantage in digital retail banking. African Bank is a ‘locally-controlled bank’ by the South African Reserve Bank.

MyWORLD will offer customers in South Africa a seamless banking experience through shared banking. Up to five accounts can be opened under the main account, with no additional monthly fees on any of these accounts.

According to African Bank’s press release, a primary account holder of MyWORLD will get access to a primary account and two types of pockets: Power Pocket and Savings Pocket.

Power Pocket is particularly unique because it is the first in the industry to offer full transaction capability. The pocket will have its own account number, debit card, and PIN. Users can earn 5.5 percent interest per annum on positive balances.

That said, the Savings Pocket allows the primary account holder to save at 6.5 percent interest, which is South Africa’s best interest rate.  CEO of African Bank, Basani Maluleke, said in a statement, “Our increased and diversified product offering, underpinned by our Omni-channel platform, will enable us to compete favourably against the established and emerging banks.”

The bank said, “This functionality can be utilised by informal savings clubs, church groups and any collection of people wishing to save together for a shared trip or activity.”

MyWORLD operates on African Bank’s omni-channel platform. Account holders can effortlessly access and manage accounts through  the website, app, smartphones, bank’s branches and contact center.

The only requirement is that anyone interested to open an account must visit the branch to generate and receive their MyWORLD debit card.

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