South African Fintech SOLmate Doubles Users, Expands Services for Underbanked
South African fintech startup SOLmate has seen remarkable growth, doubling its active user base to 100,000 in the past year. The company, focusing on financial inclusion, has expanded its services and partnerships to cater to the underbanked population and cash-heavy small to medium-sized enterprises (SMEs).
SOLmate's mobile-first eWallet platform has witnessed a staggering 500% year-over-year increase in transaction volumes. The company has partnered with Nedbank to deploy the WiCode feature, allowing cash withdrawals from participating retailers without a physical card. This innovation has been supported by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), which has helped spread SOLmate in regions with thin banking infrastructure.
Looking ahead, SOLmate is developing a POS solution for micro and small businesses to accept card payments and receive funds directly into their SOLmate wallets. The company is also upgrading its EFT and real-time clearing capabilities and preparing for the integration of PayShap, a national payment rail for low-cost, instant EFTs. Furthermore, SOLmate is laying the groundwork for a microlending product using internal wallet and transaction data to offer credit to long-term users without formal credit history.
SOLmate has expanded into debit cards, real-time payments, and plans to launch enhanced debit cards, including virtual cards for seamless, contactless payments through platforms like Google Pay. The company is positioning itself as a key enabler of financial inclusion in South Africa's maturing digital economy.
With a user base of around 100,000 and growing, SOLmate continues to bridge the gap for South Africa's nearly 19 million underbanked citizens and cash-heavy SMEs. Through strategic partnerships and innovative solutions, SOLmate is driving financial inclusion and transforming the digital economy.
Read also:
- U.S. CBP's Operation Plaza Spike Boosts Fentanyl Seizures Along Arizona-Mexico Border
- Regensburg Court Sentences Pizza Delivery Owner for Illegal Employment, Tax Evasion
- Tesla's EV Market Share Plummets in Europe, US Competition Intensifies
- Catastrophe at a U.S. Steel facility in Pennsylvania results in the loss of two lives. crucial details unveiled
