African Bank’s MyWORLD account offers shared banking to South Africans

African Bank's MyWorld easily meets family and communities’ banking needs, including joint account requirements. Picture: SUPPLIED/AFRICAN BANK

“MyWORLD easily meets family and communities’ banking needs, which include joint account requirements,” says Basani Maluleke, CEO of African Bank.When a primary account holder opens a MyWORLD account, he or she gets access to a primary account and two types of pockets — a power pocket and a savings pocket.

Power pocket accounts can be used for allowances such as a child’s pocket money or an adult dependant’s weekly living expenses. They are also ideal for savings groups and grocery schemes, and small-business owners who want to keep their business and personal finances separate but don’t want to open two separate accounts.

MyWORLD account holders only pay for what they use and a range of free transactions and low bank fees on other transactions are offered, such as free online banking with zero data costs. There are no monthly account fees on any of the six accounts — the primary account or the five pockets., MyWORLD is the cheapest transactional account in SA,” says Maluleke.

Source: Financial Digest (financialdigest.net)

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