STANDARD BANK has launched a new bank account that charges you a R5 monthly fee.
A customer will also get 500MB of data provided they opt for their sim card.
The MyMo account is an abbreviation for My Money My Hussle.
The CEO of Personal and Business Banking at Standard Funeka Montjane said they have removed a lot of fees around buying airtime and it is a fully digital product.
Montjane said the MyMo account is completely digital and paperless.
The account can be opened online and the customers identity will be verified using a selfie that is checked against the Department of Home Affairs' database.
According to her they invested significantly on digital security: “The thing is we didn’t want to compromise convenience with security.”
Montjane said no documentation is required, and it only takes a few minutes to open the account.
For R4 .95 a month customer will get free swipes and ATM withdrawals.
Users will also be charged R6.50 for amounts under R1,000.
"Most customers like to do things for themselves, if I can do something myself I will do it.
"We still have a large business bank with very big cash requirements so we do not think we will be a completely branch-less bank.” Montjane said referring to the recent closure of several Standard Bank branches.
