SOUTH AFRICA – Canada-based Neobank Be Mobile Africa has announced its official launch in South Africa with a mission to make banking accessible to the unbanked and underbanked in the country.

It also offers low to no-fee banking products through its mobile app.

According to a statement by the company, opening a Be Mobile Africa account will enable customers to hold, send and receive funds in multiple currencies including USD and EUR.

Customers will also be able to send money abroad in seconds and earn 5% interest per annum in USD and EUR with Be Mobile Africa’s savings offering.

The company further claims that customers will be able to transfer and request money from anyone in the Be Mobile Africa network instantly and at no cost, and to exchange currencies with low foreign exchange fees.

“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,” said CEO & co-founder of Be Mobile Africa Dr Cédric Jeannot.

The company’s mobile app is available for Android and iOS devices and the company plans to launch a B2B offering in the near future.

Be Mobile Africa is currently available in 30 African countries with plans to expand into additional markets.

According to Oxford Business School, an estimated 23.5% of the population is unbanked, and R12 billion – $1.04 billion, in cash is believed to be held outside of banks.

The company aims to accelerate financial inclusion throughout Africa by delivering innovative digital banking solutions to serve these users.

With a simplistic signup process and e-KYC, the app automatically authenticates and verifies individuals in real-time – enabling users to apply for, and open, multi-currency accounts in under a minute. An added benefit is that no in-person branch visit is necessary.

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