Specialist banking group Sasfin is partnering with money transfer service Hello Paisa to launch a new digital retail banking offering in South Africa – targeting the country’s unbanked.
The new retail banking initiative will be supported by Sasfin’s banking platforms and infrastructure, while Hello Paisa’s digital banking offering comprises an adaptable ecosystem of services.
This includes a mobile app, mobile SIM card, bank account and a Visa debit card that operates at any ATM or POS device. The account will be able to be opened in minutes and is driven by smart technology.
The account will offer:
- Visa card for payments
- Cash withdrawals
- Mobile app
- Mobile payments
- Send money features
According to Sasfin, this is a significant step in it journey to serve new markets through collaborating with this tech-centred and customer-centric focused business.
As part of the Hello Group, Hello Paisa was the first company to be authorised as an Independent Money Transfer Operator in South Africa.
Ahmed Cassim, the Managing Director of Hello Paisa, said that creating personalised services to serve the unbanked is a fundamental mandate of the new push.
“We serve hundreds of thousands of customers who are underserved, whom traditional banking players cannot reach. Providing them with access to the banking world will make a huge difference to them in growing their businesses and creating more jobs,” he said.
While no official launch date was given, the bank will be launching in 2019, the groups said. The new bank will operate under the Hello Paisa brand (HP), and hopes to leverage the 1.4 million customers that are already part of Hello Paisa and Sasfin.
HP will join three other new digital banking entrants in South Africa, following the launch of TymeBank last month, Discovery Bank’s launch at the end of March, and Bank Zero’s launch sometime in the middle of the year.