FinTech in South Africa is buzzing with excitement as SOLmate, a homegrown startup, celebrates a significant milestone. Over the past year, this innovative company has seen its user numbers skyrocket, doubling to an impressive 100,000. The driving force behind this remarkable growth? A surge in demand for eWallet services and strategic partnerships that are expanding access to digital payments across underserved communities.
“SOLmate is on a mission to revolutionize the way South Africans engage with financial services.”
Established in 2018, SOLmate set out to address the needs of nearly 19 million underbanked individuals and cash-dependent medium-sized enterprises in South Africa. Its flagship product, the digital eWallet, has become a game-changer in the local financial landscape. Users can now conveniently send money directly to mobile numbers—a feature that has quickly gained popularity over traditional electronic funds transfers (EFTs).
“eWallets have emerged as preferred payment solutions due to their speed and accessibility for unbanked populations,”
explains Jonathan Holden, SOLmate’s Chief Operating Officer.
The company’s commitment to innovation doesn’t stop at eWallets. It has expanded its offerings to include enhanced debit cards, real-time payment capabilities, and ambitious plans for lending services and point-of-sale systems. By diversifying its product suite, SOLmate aims not only to meet current market demands but also to anticipate future trends in digital finance.
“Our vision is to lead the charge in transforming South Africa’s digital payments landscape,”
shares Holden.
One key factor propelling SOLmate’s growth is its strategic partnership with Nedbank. This collaboration introduced the innovative WiCode feature—an innovation that allows users to make cash withdrawals at select retailers without needing a physical card. By continually enhancing its payment infrastructure and exploring new technologies like Payshap for cost-effective instant EFTs, SOLmate remains at the forefront of fintech evolution.
As part of its upcoming initiatives, SOLmate will be rolling out advanced debit card options including virtual cards designed for seamless contactless transactions via mobile devices. This move aligns with evolving consumer preferences towards virtual banking tools that offer convenience and heightened security while reducing reliance on physical cards.
“We are committed to empowering small businesses by providing them with cutting-edge financial solutions tailored to their unique needs,”
emphasizes Holden.
Looking ahead, SOLmate is gearing up to venture into microlending by leveraging internal transaction data insights to extend credit opportunities to long-standing customers lacking formal credit histories—a vital step towards bridging gaps within South Africa’s banking ecosystem.
With each innovation and partnership forged along the way, SOLmate continues on its trajectory towards becoming a trailblazer in fostering financial inclusion through technological advancement.
