The new African Bank, which is piloting its transactional banking product, to be launched later this year, has built community banking into its account in an attempt to differentiate its offering from competitors. The My World cheque account allows primary account holders to have as many pockets as they like attached to their accounts. Each pocket may have an unlimited amount of members included, giving other members full sight of the activity in the pocket as well as access to the funds. The community banking concept did not target a particular group or community but, in line with the bank's strategy to grow its affluent client base, aimed to reach a wide range of communities, CEO Basani Maluleke said. "It will allow people that share a WhatsApp group to create an account and deposit money together. They can see who is depositing money and who is taking money out. So you have more of a community banking feel," she said. The concept of club accounts are not new. Most established ban...
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