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

29 Jan 2021

Londiwe Buthelezi

Share your Subscriber Article

You have 5 articles to share every month. Send this story to a friend!

Loading, please wait...

0:00

• 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.

Read this for free

Get 14 days free to read all our investigative and in-depth journalism. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed.

Already a subscriber? Sign in

Next on Business

The R45bn stokvel industry is evolving into something more than just savings clubs

19 Feb