South African Fintech Spot Money Launches Shared Wallet Feature On Its Mobile App. South Africa’s newest digital banking platform, Spot Money has launched a shared wallet feature on their fintech app, Spot. The feature is a digital solution that seeks to create transparency for shared financial investments, like stokvels.
The Spot app offers customers transactional banking; a free monthly account and a marketplace for everyday needs. With the new Shared Account feature, up to 10 people can manage their finances easily through a shared wallet. There is no monthly account fee, which allows for accessibility at every income level.
“Fintech is pioneering the way that the financial management needs of stokvels are serviced. The adoption of such technology is being driven by young, urban populations, with many members using modern financial technologies to better manage their investments,” Josephine Mbire, Head of Customer Support at Spot Money told Venture Burn.
“There has long been a need amongst stokvel members for greater transparency of where their money is going, and assurance that it’s being handled prudently. Traditionally, one person would collect all the money, and they would effectively hold all the power over how and when payments would be made, with other members having little insight into the movement of their investments,” Mbire explained to Venture Burn.
Spot Money is an online service which makes Utility Bill payment easy. Using Spot Money, you can send money or pay somebody using your credit or debit card. Spot Money is an Utility Service Provider which makes easy bill payment, rent pay, and electricity bill payment.
“Until now, shared accounts meant a primary account holder would provide limited access to chosen beneficiaries. Our approach makes all account holders equal partners and gives everyone full sight of what’s going on in the account: they can see who paid and received money and are able to top up and make payments out of that account through a range of channels. Stokvels have been around forever, and it’s high time the formal financial sector started catering to them. We believe Spot offers stokvels a great way to manage their money more effectively.” Mbire added.