South Africa’s SOLmate doubles users to 100,000 as eWallet surge drives growth
- SOLmate has doubled its active user base to about 100,000 over the past year.
- The eWallet service recorded a 500% surge in transaction volume, preferred over traditional EFTs.
- SOLmate targets nearly 19 million underbanked South Africans and cash-reliant medium-sized businesses.
SOLmate's strategic focus on enhancing digital payment solutions for the underbanked population is commendable, as it addresses a significant gap in the financial services market. The introduction of innovative features like virtual cards and microlending could further empower users and promote financial inclusion. However, the company must ensure robust security measures are in place to protect user data and transactions as it expands its offerings.
