JOHANNESBURG - Multiply by Momentum has launched Multiply Money - a Multiply benefit which sees members earning real cash by doing the things they do every day.

The Momentum/Unisa Household Financial Wellness index reveals that 73.5percent of South African households were financially unwell in 2017, indicating that the majority of South Africans are clearly in financial crisis. With South African consumers so heavily indebted and in a pinch to find any “extra” money to save at the end of each month, establishing a culture of saving and smart spending has never been more crucial.

Momentum Client Engagement Solutions chief executive Zureida Ebrahim explained that Multiply by Momentum was a fully integrated lifestyle management platform that brings health and fitness, safety and finances into one platform and offers rewards on both partners and on Momentum products. The latest addition is cash backs that earn a competitive interest rate and can be spent anywhere in South Africa.

Multiply by Momentum’s executive head of Transactional Banking, Megan Harrison, said: “Ultimately, what South Africans need is cash back into their pockets which they can use to save for an emergency or until they have a lump sum that can be used for long-term investments.”

Harrison noted that Multiply was rewarding members with real cash when they do their household and grocery shopping at Pick * Pay and Dis-Chem as well as when they shop online on the Multiply shop for items such as vouchers and big brand electronic devices.

These cash backs grow in the Multiply Money savings wallet, at a linked interest rate from the first cent; for now it stands at 5.25percent. 

SUPPLIED / PERSONAL FINANCE