Publish Date: 07/03/2019
Banking with friends and family through African Bank MyWORLD
We’ve officially launched our all-in-one banking solution called MyWORLD. After extensive research, we realised that South Africans wanted more from their banks: they want to be able to transact, bank, and save together with their family, friends and communities, as well as individuals. This is what sets African Bank’s MyWORLD apart from other offerings in the South African banking landscape. MyWORLD gives you the unique ability to bank with your loved ones through shared banking, while enjoying South Africa’s lowest banking fees.
We explain some of MyWORLD’s unique features:
MyWORLD offers people the unique ability to bank together through shared banking. When a Primary Account Holder opens a MyWORLD account, they get access to a Primary Account and two types of Pockets — a Power Pocket and a Savings Pocket. Up to five Pocket accounts can be opened under the main account. That gives you a total of six accounts, with no monthly account fees on any of the accounts.
A Power Pocket is a separate account linked to your Primary Account. Each Power Pocket comes with its own account number, debit card and PIN, and earns 5.5% (NACM)** interest per annum on positive balances. The Primary Account Holder can add a Pocket User to this account to conduct day-to-day transactions like paying bills and making in-store purchases using a personalised, embossed debit card. This is an ideal way to introduce people who have never had a bank account before to the word of cashless transactions.
You could also use your Power Pocket to send money home or to pay your domestic helper — paying money into their account is a far safer option than giving them wads of cash to carry around.
As the Primary Account Holder, you can also add up to 10 Members to a Power Pocket. Members can only view the account via their online banking profile — they cannot transact using the Power Pocket, except for making deposits into the account. Used in this way, the Power Pocket is perfect for something like a group grocery-buying scheme: people can pool their money and keep an eye on the finances, while a User buys household items for everyone in bulk once a month. This will save on petrol, transport and shopping costs.
A Savings Pocket is also a separate bank account linked to your Primary Account. This account allows the Primary Account Holder to save at SA’s best interest rate of 6.5% (NACM)** interest per annum on any positive balance while enjoying immediate access to their funds. Just like the Power Pocket, you can also add up to 10 Members to a Savings Pocket. This makes it perfect for informal savings groups, like a vacation or birthday club.
Another key differentiator is that MyWORLD operates on African Bank’s new Omni-channel platform, allowing accounts to be opened and managed seamlessly through all our channels.
This means you can open a MyWORLD account online or via the App and seamlessly complete the application in a branch or through a contact centre. The only requirement to come into branch is to generate and receive your MyWORLD debit card.
MyWORLD account holders only pay for what they use. A range of free transactions and SA’s lowest bank fees are offered on other transactions.
The introduction of MyWORLD has elevated African Bank to a digital retail bank. We proudly offer a variety of products, including transactional banking, personal loans, savings and investments and insurance. Click here to start your MyWORLD journey.
About African Bank
Our mission is to be a successful Retail Bank offering a wide range of products and services to the consumers of South Africa. The people who work for African Bank represent the diverse population of South Africa; therefore we are a reflection of you, of all South Africans. We seek to provide value - more than our consumers expect of us. We promise to live our purpose 'humanity through banking' in all that we do and we are confident that we can, because 'We are You'.