Fintech start-up SOL Wallet has announced its launch in South Africa.
The company develops a bank-like money management platform for retail customers, where anyone can deposit, save, invest, make payments and manage their expenses via mobile and web apps. SOL Wallet allows users to register and create multi-currency accounts online, buy and sell currencies at interbank rates, trade crypto at the best market rates, pay service providers and utility bills, send money to friends, get a SOL card and pay in stores.
“Traditional banks are good as custodians for your money but are not that good in solving your everyday payment needs,” said SOL Wallet CEO Boris Frischter.
“They charge high commissions and overcomplicated fees while not providing customers with careful service. People are spending hours on paperwork and queues to understand their charges. We believe it’s not fair and the bank should benefit its clients. So, it’s time to disrupt traditional banks by doing the same things easy and cheap with the help of technology.”
SOL is conducting the closed beta testing in South Africa now and will launch its products for the public in March.