Local company Wizzit is targeting the country`s unbanked sector with a cellular banking product.
Launched without any ado last November, Sandton-based Wizzit offers the unbanked and underbanked - estimated to be between 13 million and 16 million people - a complete bank account.
The account, which boasts a Maestro debit card, can be used with any SIM card, network or phone, says marketing director Brian Richardson.
"It`s a fully functional bank account," Richardson says. "The Maestro debit card can be used in an ATM or at retailers. Debit orders and stop orders can be put on the account, person-to-person payments can be made and airtime can be bought."
At present, deposits can be accepted at Absa branches as well as at the Post Office, which together have about 3 400 points countrywide, he adds.
Wizzit has an alliance partnership with the South African Bank of Athens, established in 1947 by the National Bank of Greece
Richardson says the Wizzit packs - a debit card and instruction manual - are sold by "Wizzkids", who are members of the community who are trained and certified to open accounts.
MD Pakie Mphahlele says that of the R39.90 price tag, the Wizzkid retains R25 as a commission. Richardson adds that the company employs only unemployed people, refusing to poach staff from the existing economy.
Asked whether the company saw the recently launched MTN Banking as a threat, technical director Pieter Kruger replied that with at least 13 million people unbanked in SA, "the cake is big enough for several players".
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