In November 2018, Nedbank launched a mobile account called MobiMoney.
This account is similar to one of its existing accounts, Send Imali. However, MobiMoney is not limited to existing Nedbank clients.
When the account was launched, I was elated at the prospect of sending money to my cousin in the Eastern Cape right from where I was sitting, and with neither of us incurring any fees.
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. However, it turned out that no queuing was necessary, and my ID number was sufficient.
The process of opening a Mobi Money account
In just three steps, via USSD, I had another Nedbank account. Here, I plan to stash some cash, just in case I get an unexpected call from my cousin telling me that he’s run out of petrol.
The account was so easy to open - dial *120*002# and enter your name, surname, and ID number. The whole process took less than 15 minutes.
Adding the funds was, unfortunately, a little less convenient, as I didn’t have the Nedbank MoneyApp. I either had to go to the nearest retail shop, or a Nedbank ATM. I eventually settled on option B, and I deposited more money than I needed, in case I had to buy airtime or electricity.
I tested my account by sending money to my little sister, a mission that was successfully completed. However, what frustrated me was that she did not receive a notification that the money was in her account. I had to prevail upon her to go to the ATM to see if it was there.
She finally conceded, and she confirmed that the money had indeed arrived. Two days later, she informed me she had just received a notification of the transfer. She also informed me I will have the R200 returned at the end of the month (wow!).
There are no maintenance fees attached to MobiMoney, 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 This means that if your account is accessed fraudulently, no more this that can be withdrawn. However, I would sleep even better if I could set my own daily limit.
As a final note, my mind would be more at ease knowing that the account could be suspended immediately in the case of a security breach, either digitally, or by some other means than calling the call centre, which could take ages to answer.
Overall, the simplicity of the account is what many South African consumers have been waiting for. The future of banking is at our fingers, and Nedbank is making all the right moves.