In many developing countries, particularly in rural areas, access to financial services is costly and very limited. This translates to a large percentage of the population operating on a cash basis only and outside of the formal banking system.
However, proliferation of mobile services worldwide has created a unique opportunity to provide social and financial services over mobile networks.
WIZZIT is one such mobile banking operator in South Africa that is challenging the branch legacy associated with traditional banks, in order to bank the un-banked. It is estimated that 40 percent of South Africa’s population of 45 million are unbanked or underbanked. However, nearly 60 percent of South Africans have mobile phones.
To reach its customers, WIZZIT has adopted a unique direct sales approach, employing nearly 2,000 previously unemployed WIZZkids with good local knowledge of and contacts in the neighborhoods they operate.
Through its investment in WIZZIT, IFC is supporting an ICT-enabled innovative solution with tremendous development impact. IFC is working with WIZZIT to scale up operations, determine which markets are appropriate for similar offering and to work out penetration strategies, including identifying appropriate local partners.
For more information contact:
Houtan Bassiri
Communications Officer
Johannesburg, South Africa
Tel: +27-11-731-3179
Email: hbassiri@ifc.org
