Sasfin has partnered with money transfer service Hello Paisa for a new a new banking initiative in South Africa.

The new initiative will aim to offer services to the unbanked people in the country and improve financial inclusion.

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Sasfin-Hello Paisa banking partnership

The banking partnership will leverage Sasfin’s banking platforms and infrastructure, and Hello Paisa’s technology.

Overall, the new banking offering includes a mobile app, mobile sim card and a bank account. The customers will also receive a Visa debit card.

Sasfin claims that the service will enable the customers to open their account in few minutes.

Additionally, the partners will also look to offer credit and other conventional banking services such as insurance.

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Sasfin CEO Michael Sassoon said: “We saw this initiative with Hello Paisa as an ideal way to offer banking to people we believe are underserved.

“More importantly, we have the opportunity to do so with a partner that genuinely understands the needs of its customers and has built products to serve their needs.

“We’re impressed by the innovative work that the Hello Group and Hello Paisa have done over the years and we’re proud to be the bank behind Hello Paisa’s latest endeavour.”

Hello Paisa managing director Ahmed Cassim told Reuters that the bank aims to attract tens of thousands of customers in its first year. It will utilise its existing 1.4 million customer base which utilise Hello Paisa or its sister firms’ products.

Cassim added: “We serve hundreds of thousands of customers who are underserved, whom traditional banking players cannot reach.

“Providing them with access to the banking world will make a huge difference to them in growing their businesses and creating more jobs.”