South African Fintech SOLmate Doubles Users, Expands Services for Financial Inclusion
South African fintech startup SOLmate is making waves in the country's digital economy. It has doubled its active user base to around 100,000 in the past year and is positioning itself as a key enabler of financial inclusion. The company is laying the groundwork for a microlending product and expanding its services to include debit cards, real-time payments, and POS systems.
SOLmate's mobile-first eWallet platform has seen transaction volumes increase by a staggering 500% year-over-year. The company's partnership with Nedbank has facilitated cash withdrawals from participating retailers without a physical card through the WiCode feature. SOLmate 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.
Looking ahead, SOLmate plans to launch enhanced debit cards, including virtual cards for seamless, contactless payments through platforms like Google Pay. The startup is also developing a POS solution for micro and small businesses to accept card payments and receive funds directly into their SOLmate wallets. This move aligns with SOLmate's focus on bridging the gap for South Africa's nearly 19 million underbanked citizens and cash-heavy small to medium-sized enterprises.
SOLmate is leveraging its internal wallet and transaction data to offer credit to long-term users with no formal credit history, further cementing its role in financial inclusion. With its expanding suite of services and strategic partnerships, SOLmate is well-positioned to continue its growth trajectory and make a significant impact on South Africa's maturing digital economy.
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