The new bank will use Sasfin’s licence and infrastructure and Hello Paisa’s distribution network and technology.
Thursday 07, March 2019 BY KUDAKWASHE MUZORIWA
South Africa-based banking group, Sasfin has partnered money transfer service Hello Paisa to launch a bank aimed to bring thousands of unbanked people into the financial system.
In a statement, Sasfin stated that the duo’s distinctive approach is enabled by an open banking as well as fintech approach and created to deliver exceptional customer service.
Supported by Sasfin’s banking platforms and infrastructure, Hello Paisa’s digital banking offering comprises an adaptable ecosystem of services, including an intuitive mobile app, mobile sim card as well as bank account and a Visa debit card that operates at any ATM or POS device.
Ahmed Cassim, the Managing Director of Hello Paisa, said that creating personalised solutions to serve the unbanked is a fundamental mandate of this initiative.
The millions of people who aren’t properly served by the financial system offer a big potential source of growth for both new players and South Africa’s big four, FirstRand, Absa, Nedbank and Standard Bank.
The new bank will allow its customers to open an account in minutes and will be offered a mobile app, mobile sim card as well as visa debit card.