Premium Journalist
1 minute read
21 May 2019
12:09 pm

African Bank launches new transactional banking service


The company says its research revealed that people would like to save together with their family, friends, and their community, and as individuals.

Image: iStock

African Bank said on Tuesday it had officially launched a new transactional offering, MyWORLD, which will allow customers to use shared banking.

It said the new service had elevated African Bank to a digital retail bank, offering a variety of products including transactional banking, personal loans, savings and investments, and insurance.

CEO Basani Maluleke said: “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 facility will allow up to five additional accounts to be opened under a main account, for a total of six, with no monthly account fees applied.

African Bank said its research into what South Africans wanted from their transactional bank revealed that people would like to transact and save together with their family, friends and their community and as individuals.

“When we compare ourselves to the Solidarity bank charges report methodology, MyWORLD is the cheapest transactional account in South Africa,” Maluleke said.

MyWORLD operates on African Bank’s new Omni-channel platform that allows accounts to be opened and managed seamlessly through all the bank’s channels, including the website, App, cellphone, in the branches and through contact centres.

– African News Agency

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