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
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
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
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
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.