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Sasfin partners with Hello Paisa on new digital banking solution for SA

There’s a new banking initiative set to land in South Africa next month, as Sasfin and Hello Paisa partner up to deliver a new digital solution for unbanked customers.

The new solution will form part of the Hello Paisa app, rolling out next month as it currently goes through some rigorous beta testing. From there an update will be issued, with an array of new banking services available to interested customers.

Like any other financial service, there will of course be a registration and authentication process, but what makes this particular offering from Sasfin and Hello Paisa interesting, is the fact there will be no branded banking branches located in the country, as the pair have tried to make this solution as fully app-based as possible.

As such all of the transactions, services and value-added solutions will be accessible via the mobile app. This even includes the setup process, where a Hello Paisa employee will make contact with, and come out to you, in order to setup a profile on the platform.

In terms of banking fees, while Hello Paisa cannot name specifics, they expect the average customer to pay in the region of R30 a month, with the data-intensity of the app itself also said to be quite low.

This is in an effort not only to attract the current customers of Hello Paisa who use the platform to send cash between borders, but also for the many unbanked South Africans who have often shied away from going digital for their banking needs.

“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,” says Ahmed Cassim, MD of Hello Paisa.

Along with many of the functions running via the app, customers can also order a Visa-specific debit card for them to use at point of sales when needed.

That said, the purpose behind this solution is to go as paper cash-free as possible, along with not needing to head into a branch in order to get your banking done.

With Sasfin and Hello Paisa billing this as a game changer for the local banking scene, it should be interesting to see what the uptake is following the mid-April roll out.

“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,” concludes Cassim.

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