WIZZIT reaching the Unbanked of South Africa

It is estimated that 40 percent of South Africa’s 45 million population are un-banked or under-banked. However, nearly 60 percent of South Africans have mobile phones. The proliferation of mobile services worldwide has created a unique opportunity to provide social and financial services over the mobile network. WIZZIT, a client of the IFC, is one such ‘virtual bank’ in South Africa that is challenging the branch legacy that is associated with traditional banks, in order to bank the un-banked.


Partnership types

Doing business with the poor

Regions / countries / territories

Africa: South Africa

Global issues

Financial accessibility and management; Information and communications technologies

Business sectors

Finance; Telecommunications and IT products and services