WIZZIT: First Entity to Offer Mobile-Banking to the Unbanked

WIZZIT targets 13 to 16 million people who do not have bank accounts or do not use accounts they have. WIZZIT is the first entity to offer a mobile phone based bank account.

• The WIZZIT is a fully functional bank account against which you can set up debit orders and have your salary deposited electronically from any bank.
• Through the use of secure technology, clients can conduct financial transactions, remit money, pay accounts, buy airtime, and get their balance all through their mobile phone 24 hours a day.
• Account opening takes about two minutes and only requires a copy of an identity document.
• Accounts have affordable transaction fees, no monthly fees and no minimum balance.
• The technology works on any cell phone and across all networks.
• Payments can be made to any bank account or be received from any account.
• An alternative to the high costs, security and inconvenience of accessing and storing cash.
• A way to avoid long queues, travel costs, time and inconvenience.

WIZZIT has, through relationships with the South African Post Office - 2800 outlets- and ABSA -800 outlets-. (WIZZIT is a recently launched Division of The South African Bank of Athens Limited.)

Source: Brian Richardson, Founding Director, Wizzit.