Shoprite has reported a surge in social grant payments into its Money Market accounts due to the dysfunction of Postbank’s system, the preferred social grant distributor for the South African Social Security Agency (Sassa). Shoprite stated that an additional 100 000 additional social grant payments are flowing into these accounts monthly. Jean Olivier, general manager of Shoprite’s financial services division, highlighted the cost savings for individuals, estimating that unnecessary trips, costing between R50 and R75 per round trip for taxis, could be avoided by using Shoprite’s Money Market accounts. Since its launch in the second half of 2020, up to 3.5 million of Shoprite’s customers have opted to use the Money Market account, reflecting a significant uptake. Olivier anticipates continued growth, targeting 15 million Money Market customers over the next five to six years. The Money Market account has gained popularity due to its lack of monthly fees and a minimal R5 withdrawal fee.
