Mobile finance service launched to reach South Africa's unbanked population
A new mobile banking service has been launched in South Africa that aims to improve access to finance for the country's unbanked population.A new mobile banking service has been launched in South Africa that aims to improve access to finance for the country's unbanked population.
Introduced by Wizzit, the initiative provides low-cost accounts and enables individuals to make payments, transfers and purchases using their mobile phones, the New Age reports.
The company will also offer loans to both individuals and businesses in the country.
While 340 loans will be offered to small and medium-sized enterprises, around 3,000 are set to be provided to micro-entrepreneurs.
Chairman of Wizzit Charles Rowlinson said access to credit can support the growth of these businesses and ensure they do not fail.
"Small loans at affordable rates can also be vitally important for low-income working families who use them to pay for education, healthcare and other fundamental services," he added.
Earlier this year, Chief Executive Officer of First National Bank eWallet Solutions Yolande van Wyk told How We Made It In Africa that mobile banking is one of the fastest growing sectors of the financial services environment in South Africa.