South African food retailer Shoprite has introduced new mobile banking service in partnership with fintech company Celbux, Google and Standard Bank.

The new service, Shoprite Money mobile wallet, will enable the customers to deposit, withdraw as well as transfer money.

The wallet can also be used to buy groceries at all till points in Shoprite, Checkers, Checkers Hyper or Usave stores in South Africa.

Shoprite Group chief business officer Joseph Bronn said: “Basic transactional banking services in South Africa are expensive and in many cases still not accessible to a large number of South Africans. We believe Shoprite Money will have a marked impact on economic activity in South Africa.”

The service also allows the customers to buy electricity if they have adequate funds in their Shoprite Money account.

All transactions made through Shoprite Money mobile wallet are free except cash withdrawals where a R9.95 fee is applicable.

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Currently, the service can be used by any South African with valid identity proof above 18 years of age. They can register for this mobile banking account without any charges.

Shoprite Money is expected to be rolled out to several other African countries over the next 12 to 18 months.

Following its launch in other nations, the wallet is expected to provide cross-border remittance services.