In South Africa, over 60% of our residents live in informal settlements. This means that a substantial portion of our population cannot open a bank account, cannot deposit their hard-earned cash safely, cannot send or receive EFTs and cannot grow their businesses.
It is with this in mind that Hello Paisa, in partnership with Sasfin Bank, has launched a new banking initiative that is set to revolutionise the banking experience in South Africa. They have a single vision: to improve the lives of all South African residents through easily accessible, tech-fuelled solutions.
What is fundamentally unique about Hello Paisa’s tech is that everything – and we mean everything – is built in-house, from the ground up. In fact, the only technology that Hello Group has outsourced to date is from Sasfin, to develop their banking infrastructure.
From governance, risk and compliance to user experience development, Hello Paisa is passionate about consistent innovation on the ground to keep ahead of the competition. After all, sustainable and profound change can only be achieved through exceptional software.
According to Shaazim Khamissa, the Chief Technology Officer of Hello Group, it is these insights that set Hello Paisa’s banking solution apart from their competitors.
“Because Hello Paisa takes a greenfields approach to technology and we build up all of our structures based on first principles, it makes us far more agile and responsive to our consumer’s needs. We have the rare opportunity to monitor user behaviour across a spectrum of services, we have unprecedented insight into what problems our consumers have, and how better we can serve them. Because we work so closely with this data and ultimately have a single view of the customer, we have the opportunity to be both proactive and reactive to execute quick iterations to satisfy their needs.”
As the first company to be authorised as an Independent Money Transfer Operator in South Africa, Hello Paisa is no stranger to pushing the envelope. While this banking solution is a first for the company, Hello Paisa has been in the financial services software development game for the past five years and implemented digital onboarding more than eight years ago.
With fourteen years’ experiences under their belt holistically, Hello Paisa have both the expertise and the tenacity to make a difference. Khamissa elaborates, “As a financial solutions provider, our aim is twofold: satisfying our regulators through compliance and satisfying our customers through bleeding edge technology. It may be novel, but this is the level of service demand and expect from any bank. So, we took on the challenge ourselves.”
In order to meet their customer’s needs, Hello Paisa and Sasfin have tailored their banking solutions by addressing concerns that South African residents have with safety, security and access to digital banking.
Hello Paisa’s solution comprises an adaptable ecosystem of services, including an intuitive mobile app, mobile sim card bank account and a Visa debit card that operates at any ATM or POS device. Based on this ecosystem, Hello endeavours to bundle its offering to suit South African’s needs.
Nadir Khamissa, founder and CEO of Hello Group, concludes that this collaboration with Sasfin, spurred by technology, will allow Hello Paisa to offer more value to their customers: “For the past fourteen years, Hello Paisa has thrived on the principle of doing well, and doing good. Fundamentally, we are a community company focused on empowering people, and creating a culture of social enterprise in which technology is the catalyst. We have changed lives, through offering our customers a SIM card to call their families, remittance solutions to send money home, and 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 everywhere.”