Described as a positive move for the South African fintech (an innovation that aims to compete with traditional financial methods in the delivery of financial services landscape) Spot Money’s Open Banking marketplace will “bring a new dimension to enabling consumers to manage and control their money,” according to the company CEO.
The move follows the 2020 acquisition of Virgin Money South Africa, and central to the rebrand of the company is the launch of the latest version of the Spot banking app.
‘SIGNIFICANTLY REVISED OFFERING‘
Andre Hugo, the man at the helm of the Spot Money business said the app was a significantly revised offering that would introduce Spot’s entry into Open Banking and heralds the beginning of a fundamentally different business strategy as the company drives fintech forward in South Africa.
“There is more to the future of financial services than making current products and services digital. As a fintech, our aim is to service the full spectrum of a consumer’s financial needs in a single customer-centric platform, giving them the choice to transact seamlessly and review tailor-made financial offers based on their unique needs.”
Hugo said an Open Banking marketplace would bring a new dimension to enabling consumers to manage and control their money.
“An Open Banking marketplace gives consumers more choice when it comes to managing their money. It’s a marketplace where highly personalised financial services such as loans and insurance are coupled with lifestyle services, rewards, and a wide range of value-added services,” he said.
Spot Money offers a digital bank account with no monthly fees or card fees.
Users can order a Spot debit card delivered for free upon opening their account, and payments with this card incur no additional charges.
Spot does however have transaction limits:
- Daily – 15 transactions – total of R30,000
- Monthly – 90 transactions – total of R50,000
- Yearly – 1,080 transactions – total of R600,000
By Riyaz Patel – The South African