New digital bank Spot Money launches in South Africa (2024)

FAQs

What is the leading digital bank in South Africa? ›

Capitec — whose activities include retail, business banking and insurance — believes it is the country's top digital bank. CEO Gerrie Fourie said his bank's vast digital footprint means 28% of South Africans aged 18 and above use its banking app monthly.

TymeBank is currently one of the world's fastest-growing digital banks, with over 9 million customers since launching in February 2019. The bank is founded on simplicity, transparency and affordability and is designed to make digital banking accessible and affordable to all South Africans across the economic spectrum.

Spot Money SA (Pty) Ltd. is a South African mobile banking platform. Spot Money. The logo of Spot Money. Company type. Ltd.

Neobanks in SA include Bettr, Spot Money, Be Mobile Africa, Discovery Bank, WorldRemit and Xhuma. TymeBank is the country's largest neobank with more than 8.5-million customers since its launch in February 2019.

South Africa's Standard Bank Group remains an unassailable number one on our ranking of Africa's Top 100 Banks in 2023 with a formidable lead over National Bank of Egypt (#2) and compatriot Banque Misr (#3). The ranking is determined by Tier 1 capital (see Methodology below).

FNB retained its top spot as the most favoured bank among South African customers, climbing its net sentiment results from 37.5% in 2022 to 41.9% in 2023. On its heels was Discovery Bank at 40%, which increased its net sentiment by 32.1%, climbing from fourth position in 2022 to second.

A higher investment rate is always better, and African Bank has the highest one in South Africa! What is the best investment rate in South Africa? The best rates of return you could find in South Africa are at African Bank, with a 10.50% rate per annum for a fixed deposit in a 60-month period!

You can use any ATM from the major banks to withdraw funds from your Spot card. Fees for local ATM withdrawals are R8 + 1.4% of the cash withdrawal value. The fee for international withdrawals is R65. 00 per transaction.

Can I open a bank account online without going to the bank in South Africa? ›

TymeBank was launched to make banking more accessible to all South Africans. When you open a bank account online with TymeBank, there is no standing in queues, no wasting time, and no paperwork. All you need to do is to download the app and your moola will have its very own online bank account within minutes!

In terms of the South African Reserve Bank (SARB), Exchange Control Regulations, all travellers must obtain written permission from the SARB before entering or leaving South Africa with excess currency. That is any amount in excess of R25,000 or any foreign currency which is convertible to Rand in excess of R25,000.

The Old Mutual Bank is one of four banks launching in South Africa. It will be joined by the Young Women in Business Network (YWBN) Mutual Bank, the state-owned Postbank and SA Innovative Financial Services Cooperative (SAIFSC) from the Department of Women, Youth and People with Disabilities.

The fundamental difference is the establishment, ownership, range of services, and emphasis on technology and user experience. Establishment - Neo banks are recent additions to the banking system, whereas digital banks can be either old banks that have moved to internet services or new banks that operate fully online.

The five digital retail banks are HugoBank Limited, KT Bank Pakistan Limited, Mashreq Bank Pakistan Limited, Raqqami Islamic Digital Bank Limited and Telenor Microfinance Bank Limited.

User feedback from this year's SITEisfaction® results indicate that FNB has claimed the top spot as South Africa's Best Digital Bank, with a score of 73,94. The bank also placed first in 2020. Nedbank is only slightly behind FNB with a score of 72,09. TymeBank claims third place this year with 69,76 points.