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Johannesburg - Low-cost cellphone banking innovator Wizzit has partnered with Pepkor subsidiary Dunns to offer the retailer's customers bank accounts through its store network.
South Africa's banks are trying to find ways in which to extend their footprints, so as to access more customers and improve services.
Part of the motivation for African Bank's acquisition of furniture retailer Ellerine Holdings is that the retailer has a greater distribution footprint (with over 1 900 outlets), compared with Abil's existing 600 branches.
Dunns has close to 300 stores spread across South Africa, which would help Wizzit - a division of the SA Bank of Athens - access more customers.
Wizzit is known for finding innovative ways to access lower-income customers. Using cellphones as the basis for transactions, the bank has signed up customers in rural areas, including farm workers who are now paid electronically by their employers.
The basic Wizzit product costs R39.99 for a starter pack which includes a Wizzit Maestro debit card; cellphone functionality that allows for person-to-person payments, airtime top-ups, electricity vouchers and account payments via phones; debit orders and transfers; and internet banking. There is no monthly fee, although there is a low per-transaction fee.
Given that the product is aimed at low-income earners, ID documents and passports with valid work permits are the only requirements for opening an account.
This is due to exemption 17 of the Financial Intelligence Centre
Act (Fica), which says that accountholders with a balance of less than R25 000 who make transactions of less than R5 000 a day, do not need to provide proof of residence.
- Fin24