The new bank, one of a host of start-ups in the sector this year, will use Sasfin’s license and infrastructure and Hello Paisa’s distribution network and technology.
Ahmed Cassim, managing director of Hello Paisa, told Reuters the bank expects to attract tens of thousands of customers in its first year, leveraging an existing base of 1.4 million people already using either Hello Paisa or its sister firms’ products.
“We spoke to these customers and it was crystal clear they were underserved and they needed banking solutions,” Cassim said, adding 200 members of staff were working in places like informal settlements every day to promote the bank and help people use it.
The millions of people who aren’t properly served by the financial system offer a big potential source of growth for both new players and South Africa’s big four, FirstRand, Absa, Nedbank and Standard Bank.
Read More.. Source Reuters