Thousands sign up for new cardless bank account

Nedbank's new mobile/cardless account, MobiMoney, has proved to be a hit with more than 50,000 people signing up in less than eight weeks.

The account was piloted in the Soweto, Tembisa, Mamelodi and Soshanguve areas late last year.

According to Nedbank, the most popular transactions done by MobiMoney users have been money transfers, withdrawals and deposits, as well as airtime purchases and DStv account payments - all of which are free of charge to the customer.

Almost 30% of the new MobiMoney clients who signed up for the cardless account during the pilot launch were not yet clients of Nedbank.

To open a MobiMoney account, all you need is a South African identity number and a cellphone.

Your cellphone number becomes your account number.

There is no monthly fee on the account and no charge for buying prepaid airtime or electricity, plus deposits of up to R4,000 do not attract fees.

It will cost you R10 to send money to another cellphone via the bank's Send-iMali service.

To open a MobiMoney account, dial *120*002# from any cellphone and enter your name and identity number. Your MobiMoney account will be opened in seconds.