In support of its Money Market counters, and upping its dominance of the value-added services space, Shoprite has opened a transactional Money Market Account, available on the Shoprite app, enabling shoppers to send and receive money and transact online, opening up e-commerce to a whole new market. Money Market is essentially feeless, with no debit orders, giving punters full control over their finances, and requires no FICA, allowing anyone to open an account. It also allows businesses to process bulk payments, including rewards, incentives and grocery vouchers. In other Shoprite news, a Nigerian business, AIC, issued a summons against Shoprite in 2011 for being in breach of a JV agreement the businesses allegedly concluded in 1998. In July, a Nigerian judge issued an injunction against Shoprite preventing it from “hurriedly carting away its intangible assets, intellectual property and receivables from Nigeria”.
Comment: This seems to suggest that a hasty exit from Nigeria could be more complex for Shoprite than anticipated.