On Wednesday, 06 March 2019, Sasfin announced a partnership with Hello Paisa to offer a digital banking solution.
Backed by the banking capabilities of Sasfin, the offering is banking reimagined: a bank designed for everyday individuals who know what matters most to them and their families. Sasfin and Hello Paisa’s digital offering is enabled by an open banking and Fintech approach.
Micheal Sassoon CEO of Sasfin said the bank will address the needs of the unbanked, he said that there are already customers using the solution.
“We will go live to the broader market in the few coming weeks,” he revealed.
Hello Paisa’s digital banking offering is comprised of an adaptable ecosystem of services, including an intuitive mobile app, mobile sim card, bank account and a Visa debit card that operates at any ATM or POS device. Based on their ecosystem, Hello endeavours to bundle its offering to suit South African’s needs.
The Hello Paisa app is available for download on both iOS and Android.
“Financial inclusion is critical more than ever to the future of the South African economy,” said Sasson.
He revealed that with this initiative, banking is being delivered to the people rather than having people go to the bank. “This project aims to transform the lives of South Africans,” he said.
Moosa Manjra, Chief Executive Officer at Hello Paisa said that technology can allow for an opportunity to improve the lives of the disadvantaged.
“In the coming months, if a customer wants to open a bank account, they can go to any branch and submit all the documentation. Hello Paisa will then go to the customer and deliver the card and have the account ready for use,” said Manjra.
Customers will need to own a smartphone in order to access their account which comes with a visa debit card.
Daneel Jordaan, Acting Country Manager at Visa South Africa, said the community needs to be proud about the product. He revealed that consumer trust is needed when launching products such as this one.
This digital bank will provide thousands of underserved customers in South Africa with access to the banking world.
Jordaan said, “We can see that this is going to make a difference in how people handle their payments.”
Ahmed Cassim, Managing Director of Hello Paisa said that the partnership will allow Hello Paisa to offer more value to its customers: “Over the past fourteen years, we have changed lives, through offering our customers a SIM card to connect with their families as well as remittance solutions to send money home. Now, we embark on the next chapter of offering a bank account to keep their money safe and a debit card to transact – anywhere and anytime,” he said.