Nedbank MobiMoney Digital Wallet Review 2023

Nedbank MobiMoney Digital Wallet

The Nedbank MobiMoney Digital Wallet is one of the easiest accounts to set up in South Africa. To open an account, you must have a mobile phone. There is no paperwork required to open the account; however, an applicant must be 16 years of age or older at the time of application.

The account includes a number of complimentary services and free transactions. The following are the free transactions and services provided by the Nedbank MobiMoney Digital Wallet:

  • Buying prepaid electricity for free, 
  • Buying prepaid airtime for free, 
  • Sending money from one MobiMoney account to another, 
  • 1 free monthly withdrawal at a Nedbank ATM, and
  • Free deposits of up to R4,000.00 each month, 

When it comes to transaction fees, the account clearly saves money. This account may offer free services and transactions, but it has limitations for clients who transact frequently and for large amounts of money.

To help you better understand this groundbreaking Nedbank account, we’ve broken it down below.

Nedbank MobiMoney account summary

The Nedbank MobiMoney account is a digital wallet that anyone in South Africa over the age of 16 can open. Customers can register for the account by dialling *120*002# on their mobile phones. After opening the account, the account holder can immediately begin using it and enjoy the benefits that come with it.

The Nedbank MobiMoney account has no monthly account fee. Since the account can be opened remotely, no paperwork is required. To open an account, one’s ID number and name are required. Account holders can use the account to make purchases at leading South African retailers.

MobiMoney wallet can be topped up at any store by account holders. The account includes R4,000.00 in free monthly deposits and charges R5.00 per R100.00 after that. The account includes a monthly free withdrawal and thereafter charges R10.00 per withdrawal at a Nedbank ATM.

Nedbank MobiMoney account holders can send money from their account to any cell phone for R10.00. The account also charges for DSTv payments, with an R5.00 fee per payment. The account also allows for free transactions such as prepaid airtime purchases, prepaid electricity purchases, and money transfers to another MobiMoney account.

The MobiMoney account has transfer limits, these include:

  • Daily withdrawal limit of R4,000.00, 
  • Daily payment limit of R4,000.00, 
  • Maximum held limit of R24,000.00,
  • Daily prepaid electricity purchase limit of R1,000.00, and
  • A daily send Imali or MobiMoney limit of R2,500.00.

The MobiMoney Digital Wallet has other charges that come with the account. We cover the fees that come with the Nedbank MobiMoney account in detail below. 

Nedbank MobiMoney Digital Wallet fees 2023

Fee descriptionAmount
Monthly account feeFree
Prepaid airtime purchase feeFree
Prepaid electricity purchase feeFree
Send money from one MobiMoney to another Free
Deposit at a Nedbank ATMfirst R4,000.00 for free and R5.00 per R100.00 thereafter 
Withdrawals at Nedbank ATMFirst withdrawal for free and R10.00 per withdrawal thereafter 
Withdrawals at participating retailersFree first and R10.00 per withdrawal thereafter
Send monthly to a cell phone number (R1.00 to R5,000.00) R10.00
Pay bank-defined beneficiaryR5.00
Transaction limits 
The maximum amount held in walletR24,000.00
Withdrawal daily limitR4,000.00 
Payment daily limitR4,000.00 
Prepaid electricity daily limitR1,000.00 
Prepaid airtime or data daily limitR1,000.00 
Pay to cell phone number daily limitR5,000.00 

Advantages of the Nedbank MobiMoney Digital Wallet 

  • There is no monthly account fee with this account.
  • Every month, there are fee transactions available.
  • The account does not require any documentation when it is opened.
  • Individuals aged 16 or older can open the account, breaking the 18-year-old requirement for opening an adult account.
  • MobiMoney account holders can buy a voucher using the account and use it to buy groceries at Pick n Pay and Makro.
  • On the side, account holders can apply for funeral coverage.
  • There is no need to carry cash because the MobiMoney wallet allows for online transactions.
  • The pay-to-cellphone number fee of R10.00 per transaction is reasonable.

Disadvantages of the Nedbank MobiMoney Digital Wallet 

  • The account is not linked to the Nedbank Greenbacks rewards program. As a result, account holders cannot earn reward points when they shop.
  • As there are daily withdrawal and payment limits, the account cannot perform many transactions.

Requirements of the Nedbank MobiMoney Digital Wallet 

  • Must be 16 years or older at the time of application. 
  • Have a valid South African ID number. 
  • Provide your name(s) and surname. 
  • Have a working cell phone. 

Conclusion 

The Nedbank MobiMoney Digital Wallet is a smart digital wallet that is ideal for those with a limited transactional budget. The account includes many free transactions, which are uncommon on bank accounts, and this can help save money on monthly account fees and other transaction fees.

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