We have been talking, for some time now, about traditional financial institutions making it easier for individuals to open bank accounts. This need has become all the more pressing because of the restrictions that have been imposed on EcoCash and other mobile money operators.
In what I think is a step in the right direction Nedbank has announced that existing customers can now open additional accounts via the bank’s *299# USSD. I say step in the right direction because Nedbank customers won’t have to use internet-based platforms or visit a branch to open an additional account.
This, of course, doesn’t go far enough because it’s not like new customers can open Nedbank accounts via USSD but for the sake of customer convenience this a very good move.
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Hopefully, this development means that Nedbank is working on making it possible for anyone to open an account on the *299# USSD code.
How to open additional Nedbank accounts via USSD
- Dail *299# and enter your PIN
- Select option 9 for the next page in the Menu
- Select Account Management
- Select the Open Additional Account
- Enter “1” to accept the terms and conditions
You will then see a menu with account options
- Private (Nedbank Private Banking provides integrated banking, wealth advisory and investment management services to high-net-worth clients in Zimbabwe.)
- Bundled (This account is for those who only do a few transactions a month and want a fixed monthly fee)
- Nostro FCA
- Basic Lite
You can then select the account type that you want and follow the steps. When I went through this process I selected Savings Account and then I was given currency options for the account.
After selecting the currency I was asked to select a branch as well as confirm the application. I then received a text message with an application reference number.
The last step will be to hear back from the bank which I suspect will be over email.