Standard Bank’s low-cost bank account MyMo reaches 1 million customer milestone

Standard Bank has reached the one million customer mark on its low-cost banking solution MyMo, which is designed for people who don’t like spending their hard-earned cash on fees but still want all the features of a transactional bank account. This milestone comes off the back of the recent announcement that Standard Bank now has over 10 million customers in South Africa due to significant growth in 2021, this is attributed to its customer acquisition growth and investments towards digitizing the bank.

As consumers, we are naturally inclined to always look out for value for money, but especially when cash is tight. This, Kabelo Makeke, Head of Consumer and High Net Worth Clients at Standard Bank says, is what has largely driven positive uptake of the MyMo bank account.

“There are many things that people take into consideration when choosing the best bank account for their needs. Among them is value,” explains Mr Makeke.

Mr Makeke adds: “The introduction of MyMo, our low-cost banking solution, has enabled more people to access our brand for the first time because of the extraordinary value offered. The account, which has no minimum income requirements costs just R4.95 monthly and all other costs, customers pay as they transact on their account making it a true ‘pay as you use’. Thus, the power to control bank fees is placed into the hands of the customer, who has choices of how to bank.”

Alongside the MyMo account, Standard Bank launched the MyMo Plus Account in 2020, which caters for customers who prefer one bundled monthly payment. MyMo Plus provides access to a wide range of benefits including free ATM cash withdrawals of up to R3000, Unlimited cash withdrawals at selected retailers and complimentary access to Standard Bank’s UCount Rewards programme at a fixed fee of R110 per month.

Mr Makeke explains that the MyMo offering has an aspirational appeal and that is why it has grown so significantly. “Standard Bank has always been a trusted aspirational brand with a rich heritage. Now, however, we have made ourselves more accessible through value offerings such as MyMo.”

With access to free digital banking, the MyMo and MyMo Plus accounts can be opened using a mobile phone or desktop computer – via Standard Bank Internet Banking or the Standard Bank Mobile App. This eliminates the need to collect documentation such as proof of residence or payslips and visit a physical branch to open an account. Instead, customers can sign up by simply taking a selfie on the mobile app.

The app leverages facial recognition software to authenticate identity and to do this, Mr Makeke explains, Standard Bank has invested in sophisticated security technology that has been applied to its mobile and digital channels to enable the enhanced protection of customer identity.

Those who wish to open a MyMo account but don’t have internet access can visit a branch where our branch colleagues will help them with the process, which also does not involve any paperwork.

Mr Makeke adds: “We understand the financial pressures that ordinary South Africans are facing in the current environment, and we know that every cent and rand counts. With our low-cost banking offerings, we hope to help customers manage their finances better and conduct everyday banking in a way that is simpler and more affordable.”