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SA's first open banking platform: Should you share your data for better credit offers?

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•	Former Virgin Money SA executives, with the backing of a private equity firm, have opened SA's first open banking platform called Spot Money.
Photo: Getty Images
• Former Virgin Money SA executives, with the backing of a private equity firm, have opened SA's first open banking platform called Spot Money. Photo: Getty Images

When Richard Branson's Virgin Group recruited him to start a fully fledged bank in South Africa, Andre Hugo thought the country did not need another bank, but rather something to turn the industry on its head.

Fast forward to 2021, the former Virgin Money SA CEO has started South Africa's first "open banking" operation called Spot Money.

Launched on Wednesday, Spot Money is a "super app" that doubles up as a payment app, a marketplace and a rewards programme - to name a few of its functions.

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