SOL Wallet, a fintech startup firm, has launched beta testing for a new mobile and web-based banking service in South Africa by March of 2019, according to a company release.

The company plans a range of banking services, including savings, bill payment, expense management and investing, according to the release.

Customers will be able to use a mobile app to create multi-currency accounts, buy and sell currencies at interbank rates, trade cryptocurrencies, pay utility bills and service providers, make payments to friends, get a SOL card and make in-store payments. The service will have no fees up to certain limits, according to the company.

"Traditional banks are good as custodians for your money, but are not that good in solving your everyday payment needs," said CEO Boris Frischter, in the announcement. "They charge high commissions and over complicated fees, while not providing consumers with careful service.”

The service will charge no fees for maintenance or transactions, according to the company. Customers will be able to instantly convert foreign or cryptocurrency and use it to make purchases on the SOL card. The bank also plans to add a service to help customers manage expenses and make stock purchases and other financial investments.