Be Mobile Africa offers several benefits, including no fees, no minimum balance requirements, and the ability to send, receive, hold, and save money in euros and US dollars.
Be Mobile Africa — a low to no-fee banking product provider — has announced its official launch in South Africa.
“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 company said in a statement.It will compete with other “neobanks” such as Bettr, a distribution channel of Access Bank in South Africa.
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. Jeannot added that Be Mobile Africa’s ultimate goal is to provide access to financial services for everyone on the continent.
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