Sasfin bank has partnered with fintech business Hellopaisa to launch a new, low-cost banking offering for low-income earners. Hellopaisa intends to offer all of the key features middle-class bank users enjoy, without the accompanying high fees. It will launch commercial services in April, but has yet to confirm fees.
Hellopaisa’s debit cards are backed by Visa, and will work in ATMs and most point-of-sale devices. Would-be customers will be able to sign up using the Hellopaisa app, which will also verify their identity and meet all necessary FICA requirements.
The company won’t be drawn on fees structures or its product range yet, but says that it will focus on bundled offers, and various rewards mechanisms will aim to ensure customers earn at least their fees back each month. It will also offer remittance services for customers looking to send money across borders.
To get started, end users will need to download the app, use their passport or ID to prove who they are, and electronically sign the terms and conditions. Hellopaisa says it’s able to verify the passports of 195 nations almost instantly, and that it doesn’t take much longer to verify a South African ID book or ID card.
The app will also allow customers to block or cancel cards, order new products and manage their accounts without having to call a call centre or visit a branch.
We’ll bring you more information on the particulars of Hellopaisa’s offering as soon as we have them. With TymeBank having recently launched, Discovery Bank set to launch next month, and Bank Zero incoming, too, 2019’s shaping up to be a fun year in financial services… unless you’re one of the big four banks, that is.