World Bank - WIZZIT: Banking the Unbanked in South Africa

In many developing countries, particularly in rural areas, access to financial services is costly and very limited. This translates to a large percentage of the population operating on a cash basis
only and outside of the formal banking system.

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.

Through its investment in WIZZIT, IFC is supporting an ICT-enabled innovative solution with tremendous development impact.

http://www.worldbank.org/connectingafrica

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[waynne12345]

"Stabalize South Africa"?!? This is not probable at all. World Bank?!? IMF!?! WTO?!? We need a community based society and tell all the foreign banks to fuck off!

[bananarepublics2]

first you'd have to stabilize South Africa.

Sudden surge in crime coupled with power outages would put anyone at the moment at dangers. Before we can have access to assist is first stabilize the nation, second, talks with the ANC government for protection, Third rebuild industry.