African Bank enters digital banking market with MyWORLD launch

African Bank has entered South Africa's digital banking sector with the launch of its innovative product, MyWORLD. The CEO of African Bank, Basani Maluleke, recently joined CNBC Africa to discuss the unique features and benefits of this new offering. MyWORLD promises to provide customers with the most affordable transactional banking rates in the country. Maluleke highlighted key aspects of MyWORLD, emphasizing the elimination of certain fees and the introduction of a flat fee for ATM transactions. This move is designed to cater to South Africans' cash-centric behavior and simplify banking processes for users. Additionally, the platform offers fee waivers on services like buying airtime, conducting EFTs, and purchasing electricity. Despite these reductions in fees, Maluleke outlined the bank's strategy for revenue generation, focusing on customer retention, acquisition, and data utilization. She emphasized the importance of transactional banking for understanding customer behavior and enhancing credit and collections capabilities. Furthermore, MyWORLD introduces a unique concept of collaborative banking, allowing customers to create multiple linked accounts for various purposes. This feature enables users to manage funds for family members or facilitate money transfers to remote locations seamlessly. The CEO discussed the competitive landscape of the banking industry, acknowledging the need to lower fees to attract and retain customers. African Bank's new platform aims to differentiate itself through a customer-centric approach and seamless multi-channel experience. The company's digital transformation will not lead to branch closures, as branches continue to play a significant role in customer interactions and support. African Bank's vision is to offer a value proposition that addresses customers' financial pressures while delivering an exceptional banking experience. As the company ventures into the digital realm, it remains committed to maintaining a strong branch network and investing in customer service. The launch of MyWORLD marks a significant milestone for African Bank as it positions itself as a key player in the evolving digital banking landscape in South Africa.