Sasfin, Hello Paisa in digital banking partnership
Sasfin and Hello Paisa have joined forces to introduce a digital banking offering to serve SA's unbanked population.
Hello Paisa, which is part of the Hello Group, is said to be the first company to be authorised as an independent money transfer operator in SA.
In terms of the partnership, Sasfin will provide its banking platforms and infrastructure to support Hello Paisa's digital banking offering, comprising services such as an intuitive mobile app, mobile SIM card, bank account and a Visa debit card that operates at any ATM or point-of-sale device.
According to a statement, Sasfin and Hello Paisa's offering is enabled by an open banking and fintech approach. The account can be opened in minutes.
Michael Sassoon, Sasfin CEO, says: "We saw this initiative with Hello Paisa as an ideal way to offer banking to people we believe are underserved. More importantly, we have the opportunity to do so with a partner that genuinely understands the needs of its customers and has built products to serve their needs. We're impressed by the innovative work the Hello Group and Hello Paisa have done over the years and we're proud to be the bank behind Hello Paisa's latest endeavour."
According to Ahmed Cassim, MD of Hello Paisa, creating personalised solutions to serve the unbanked is a fundamental mandate of this initiative. "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."
Rodger Dunn, head of transactional banking at Sasfin, believes the alliance leverages the strengths of both the bank and Hello Paisa. "By connecting to provide a banking solution for Hello Paisa's customers, we are able to bring our experience in banking, best-in-breed services and regulatory knowledge to the table."
Cassim reiterates the collaboration will similarly allow Hello Paisa to offer more value to customers. "Over the past 14 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."