Standard Bank has launched a new entry-level account, which will see it technically pay customers for banking with it. The new transactional account, called MyMo will cost R4.95 per month and comes with R50 free airtime for voice calls or internet access for customers using a Standard Bank sim card. The bank will also give customers a megabyte of data each time they spend R20 on purchases. Like FNB, Standard Bank is piggybacking on Cell C’s cellphone network to offer voice and data packages.  The big four banks are facing stiff competition in the entry-level segment of banking as new entrants, including TymeBank, Sasfin and African Bank,  have taken transactional fees to rock bottom. Standard Bank, SA’s largest bank by assets at R2.1-trillion, is the second of the big four to join the price war. Nedbank scrapped fees on its existing entry-level account in April after launching two other zero-fee accounts. Standard Bank however said its new product was not a reaction to what othe...

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