Be Mobile Africa — a low to no-fee banking product provider — has announced its official launch in South Africa.
The Canadian-based “neobank” offers several benefits for South Africans, including no monthly account fees, no minimum balance requirement, and the ability to send, receive, hold, and save money in euros and US dollars.
“By opening a Be Mobile Africa account, customers can hold, send and receive funds in multiple currencies including USD and EUR, send money abroad in seconds and earn 5% interest per annum in USD and EUR with Be Mobile Africa’s savings offering,” the the company said in a statement.
Be Mobile Africa aims to make banking accessible to unbanked and underbanked South Africans.
It will compete with other “neobanks” such as Bettr, a distribution channel of Access Bank in South Africa.
“The company aims to accelerate financial inclusion throughout Africa by delivering innovative digital banking solutions to serve these users,” it said.
According to the Oxford Business School, around 23.5% of South Africa’s population is unbanked, while approximately R12 billion in cash is believed to be held outside the banking system.
“We are incredibly excited to be launching our services in South Africa. This is an important market for us and we believe there is great potential for growth,” the company’s CEO and co-founder, Cédric Jeannot, said.
Jeannot added that Be Mobile Africa’s ultimate goal is to provide access to financial services for everyone on the continent.
Be Mobile Africa’s app — available for Android and iOS devices — features an electronic FICA process, automatically authenticating and verifying users in real-time during signup.
Be Mobile Africa is currently available in 30 countries across the continent, and it has plans to expand to additional markets and launch its business offering soon.
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