iAfrica Image: Pexels Share with your network! Open Banking has landed in South Africa, with the recent launch of Spot Money – and it’s going to change the way consumers manage and control their money by giving them more choices around banking and financial services. But what is Open Banking? Why does it matter? How will consumers benefit? We asked Andre Hugo, the CEO of Spot Money, to give us the lowdown. What is Open Banking? First and foremost, Open Banking is bank neutral. That means it works with any bank and financial service provider to give you more choice when it comes to managing your money. It also gives customers the freedom of choice to select available offers from multiple service providers.