Shoprite said its Money Market account will grow into a fuller bank account that includes a debit card. The retailer said more than 4.3 million South Africans now use the account.
The plan was partly set out in Shoprite’s integrated financial report for the 2026 financial year. The company owns Checkers and Usave.
“Over time, this will expand into a fuller bank account experience, including a debit card, and broader payments capability,” Shoprite said.
Shoprite said the accounts were moving beyond simple digital wallets. It said they would become wider banking and payment products.
At the moment, the biggest drawback is that customers can only use their card at Shoprite group stores, MyBroadband reported. The planned change would allow wider use.
Shoprite said it made progress this year in making the Money Market account the main platform for its financial services.
“The ecosystem will support customer value and loyalty, enhance digital engagement and data richness, and improve earnings diversification,” the company said.
The retailer calls Money Market the lowest-cost entry-level bank account in South Africa. There is no monthly maintenance or management fee.
Digital transactions and transfers inside the app are free. Cash deposits are also free at till points in Shoprite, Checkers and Usave stores.
The only fee is R5 for each withdrawal. Customers withdraw cash at a till point using an 8-digit token.
“The account allows customers to deposit and withdraw cash at any till point in Shoprite, Checkers and Usave supermarkets nationwide, saving time and high fees by avoiding ATM charges,” Shoprite said.
The account has limits. Customers may keep up to R25,000 in it at any time. They can receive R10,000 in electronic transfers and deposit R5,000 in cash each month.
Withdrawals are capped at R5,000 a day. The voucher-based account allows a balance of up to R1.3 million and monthly transactions of up to R3 million.
MyBroadband compared the fees with Capitec. Capitec Global One clients pay R10 for ATM withdrawals over R500. They also pay a R7.50 monthly admin fee.
Capitec does charge a flat R2 fee for withdrawals at till points in some stores, the report said.
Money Market started in 2018 as a basic mobile payment service called Shoprite Money. Two years later, it was renamed and basic transaction features were added through the Shoprite app and USSD.
In August 2022, Shoprite turned it into a full low-cost transactional bank account. It was the first retailer in South Africa to do so.
Customers can now open and use the account through the Shoprite app, WhatsApp and the web, not only at store counters.
Source: this article is based on reporting by MyBroadband. Image: MyBroadband. Written with the help of AI and published by the Tzaneen Voice Business desk. See our Editorial Standards.
Anelisa Nkuna covers business and money news for Tzaneen Voice. Anelisa reports on the rand, fuel prices, interest rates, jobs, Eskom, Transnet, farming and company results. The aim is simple: explain what the numbers mean for household budgets, small businesses and workers in South Africa.