Virgin Money South Africa has announced the change its name to Spot Money. The acquisition of Virgin Money South Africa is in partnership with local management of Spot Money.
Absa recently announced the shutting down of its Virgin Money credit card, after more than 14 years in the country, due to Virgin Group’s divestment from its South African banking operations. Virgin Money South Africa launched its Spot mobile application in 2018. The app, which was developed in partnership with wiGroup, started by offering peer-to-peer money transfers and mobile payments.
“All Spot transactions are recorded in our blockchain ledger, which means they are tamper-proof,” Andre Hugo, CEO of Spot Money stated.
“Virgin Money Spot is the first retail micro-token exchange in South Africa. What this means for consumers is that we can transfer value in a fast, cost-efficient and transparent manner that protects against fraud and gives our customers peace of mind,” he added