SOLmate is a digital payments platform for individuals living in South Africa. You can receive your salary and other payments, send money to others, pay your bills, and pay or withdraw anywhere in South Africa with your SOL Card.
SOLmate is not a bank. It’s a mobile app to manage your SOL Card and your money, while the money is stored in a secured trust bank account. All payment services are provided by 3rd parties who are authorized FSPs or TPPPs.
Your money is kept in a safe custody account at the bank, and supervised by a registered FSP under the the Financial Sector Conduct Authority (FSCA). Only you can touch your money.
The SOLmate app is linked to your phone number by an OTP, protected by PIN/fingerprint/FaceID and device-specific encryption keys. If you lose your device, no one can access your SOLmate profile without your PIN. You can also restore your SOLmate profile onto any new device.
Your card balance is carefully stored in a dedicated bank account. The Card is extremely well secured - Chime 128-bit AES encryption, access control and security processes exist to protect your sensitive information and prevent unauthorized use.
Only you can transact with your money on your SOLmate profile. No debit order or any other 3rd party charge can be placed against your SOLmate profile.