Virgin Money South Africa announced that it has changed its name to Spot Money SA, adopting the name of its Virgin Money Spot app.
This follows the acquisition of Virgin Money SA by “a leading private equity firm”, Spot said, in partnership with the local executive management team.
Absa recently announced that it was shutting down the Virgin Money credit card, after more than 14 years in the country, due to Virgin Group’s divestment from its South African operations.
Virgin Money South Africa launched its Spot mobile application in 2018.
The app, which was developed in partnership with wiGroup, started by offering peer-to-peer money transfers and mobile payments.
A few months after the app’s launch, Virgin Money released a new version of Spot that was built on blockchain technology.
Andre Hugo, who was the CEO of Virgin Money SA at the time, and is now the CEO of Spot Money SA, said that they adopted distributed ledger technology because of its inherent safety and speed.
The cryptocurrency token that Spot’s system uses internally is pegged at a one-to-one exchange rate with the Rand.
“All Spot transactions are recorded in our blockchain ledger, which means they are tamper-proof,” Hugo stated.
“Virgin Money Spot is the first retail micro-token exchange in South Africa. What this means for consumers is that we can transfer value in a fast, cost-efficient and transparent manner that protects against fraud and gives our customers peace of mind.”
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