Making a few waves since launching as the country’s first “open” banking platform, Spot Money has recently announced a new feature for users who wish to jointly manage their money with others – shared accounts.
Andre Hugo, Spot Money’s CEO and co-founder, says the new functionality should deliver benefits across a range of scenarios. These are said to include managing short-term shared expenses like household bills, ride sharing, ad-hoc school expenses and potentially creating mini-stokvels as he terms them.
“Until now, shared accounts meant a primary account holder would provide limited access to chosen beneficiaries. Our approach makes all account holders equal partners: they all have full sight of transactions, and are able to top up and make payments out of that account through a range of channels, which leads to better expense management,” he adds.
“Anyone who’s ever shared a house or apartment with someone, knows it’s easier to herd cats than to manage shared expenses. A shared account will take the pain and hassle out of this part of your life,” Hugo continues.
Spot account holders can’t share their Primary or Reward accounts, but can share any or all of the three additional accounts they’re able to create in the Spot app. There is no limit to the number of shared accounts that users can be a member of.
Spot Money’s shared accounts will attract no monthly account fees. Added to this, accounts can be created and shared instantly, and up to 10 members can be added or removed by the shared account admin. The fintech also notes that all transactions are tracked in real-time.
Whether South African consumers will be using the new feature to create mini-stokvels or short-term joint accounts for group trips remains to be seen, but Spot Money believes this to be a truly interesting addition to its current suite of financial services.