Guiding consumers since 2009

My two cents on the Nedbank MobiMoney account

By Athenkosi Sawutana

In November last year Nedbank, launched a mobile account called MobiMoney. This account is similar to one of its existing accounts called Send Imali.  However, it’s not only limited to existing Nedbank clients. 

When the account was launched I was elated because I knew I could send money to my cousin in the Eastern Cape without moving an inch from my bed. I’m not sure which excited me more: the fact that I would not pay any deposit fees or that my cousin would receive the money without incurring any costs either.

However, there were two things that immediately struck me: my torn ID (Before you judge, I’ve applied for a new one!) and the time I would have to spend queuing at the bank to open the account. But it turned out that no queuing was necessary and I only needed to remember my ID number.

In just three steps I had another Nedbank account where I plan to stash some cash in case I get an unexpected call from my cousin telling me he’s run out of petrol.

The account was so easy to open. All I had to do was dial *120*002# and enter my name, surname, and ID number. In less than 15 minutes the account was opened.

However, I could not send money because I did not have funds in my new account.

Could I transfer the funds from my existing Nedbank account because I had no desire to leave my house on that day? The answer was no, only because I did not have the Nedbank MoneyApp.

I had to either go to the nearest retail shop or a Nedbank ATM. I finally decided to go to a nearby machine and in just a few easy steps there was money in my account. I decided to deposit more in case I needed to buy airtime or electricity.  

I tested my account by sending money to my little sister – who conveniently still has not returned the R200 I used in the trial run!

But what really frustrated me was that she did not receive a notification that the money was in her account. I had to beg her to go to the ATM to see if it was there. After all, I didn’t want to lose my hard-earned money.

She finally conceded and after visiting the ATM, she confirmed that the money had arrived in her account. Two days later she informed me she had just received a notification of the transfer. She also informed me I will only have it returned at the end of the month. Wow!

There are no maintenance fees, and you can keep an amount of up to R24,000 in the account. The daily limit for payments and sending is R4,000. This also means that if my account is accessed by anyone, no more than that can be withdrawn. However, I would sleep even better if I could set my own daily limit.

And lastly, my mind would be more at ease knowing that there are more ways to suspend my account other than just calling a call centre that could take ages to pick up a phone.  

Overall the simplicity of the account is what many South African consumers have been waiting for. The future of banking is on our fingers and Nedbank is making all the right moves.

 

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