Your Bank in Your Pocket - Making Economic Citizens of all

The use of innovative mobile banking and the sign up process using previously unemployed members of a community together with cell phone technology.

About You

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Location

Project Street Address

Project City

Project Province/State

Project Postal/Zip Code

Project Country

n/a

Your idea

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Year initiative/program began:

2004

Field of work

Banking/Financial Services

If Field of Work is "Other" please define in 1-2 words below (and explain in detail in the entry form):

Service / Activity focus (If "other" please explain in entry form)

Technology

Year organization founded (yyyy)

2004

YouTube Upload

www.youtube.com/watch?v=2SKhCYoF0Lg
www.mg.co.za/article/2008-09-24-wizzit-strategy-works
businessfightspoverty.ning.com/video/video/listTagged?tag=wizzit
video.aol.com/video-detail/wizzit-banking-the-unbanked-in-south-africa/143591206 - 62k

Positioning of your initiative on the Mosaic of Solutions™ diagram:

Which of these barriers is the primary focus of your work?

Lack of access to markets or products

Which of the principles is the primary focus of your work?

Lower the entry threshold

If you believe some other barrier or principle should be included in the mosaic, please describe it and how it would affect the positioning of your initiative in the mosaic

Regulation around AML and Customer Due Diligence was never designed to maje it even more onerous to bank the unbanked - yet this is proving to be an unitended consequence.
Other barriers are best summarised as Affordability, accessibility and availability - all of which are addressed by the unique WIZZIT solution

Name Your Project

Your Bank in Your Pocket - Making Economic Citizens of all

Describe Your Idea

The use of innovative mobile banking and the sign up process using previously unemployed members of a community together with cell phone technology.

Innovation

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What is your signature innovation, your new idea, in one sentence?

The use of innovative mobile banking and the sign up process using previously unemployed members of a community together with cell phone technology.

Describe what makes your idea unique—different from all others in the field.

A strategic focus on the unbanked using mobile phone technology and mobile banking. The technology works on ALL handsets, ALL SIM cards and across ALL the networks. This coupled with our WIZZkid model makes WIZZIT unique in banking the unbanked.

How do you implement your innovation and apply it to the challenge/problem you are addressing?

WIZZIT is implemented through WIZZkids - all previously unemployed members of a community. They are known and trusted and provide the much needed personal contact. The community might be where they live, a church group, a sccoer club or any other community link

Do you have any existing partnerships, and if so, how did you create them?

We are proponents of the "Bank Lead" model and as such have an alliance banking model with n exisitng and registered Bank. Banking is highly regulated - rightly so as we are dealing with people's money. We have further partnerships with the major MNO's and with the card associations

In which sector do these partners work? (Check all that apply)

Impact

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Provide one sentence describing your impact/intended impact.

To bank the unbanked of the world

Please list any other measures of the impact of your innovation.

Measure of impact would be number of bank account opened

Does your innovation address and/or change banking regulations?

We are continually working with the Banking Regulator to try and make it easier and more cost effective to bank the unbanked through reducing the very onerous and costly tradtional bank account opening procedures.

How many people does your innovation serve or plan to serve? Exactly who will benefit from your innovation?

There are 11 million unbanked people in South Africa and estimated to be 5 billion across the world. All unbanked people would therefore benefit

This Entry is about (Issues)

Sustainability

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Financing source

How is your initiative financed (or how do you expect your initiative will be financed)?

WIZZIT is financed my its founders, Private investors, Africap, OickoCredit and the IFC

If known, provide information on your finances and organization:

50 full time staff and 2000 WIZZkids

What are the main financial barriers and how do you plan to address them?

Marketing costs and costs of regulatory compliance

Aside from financial sustainability, how do you plan to grow the initiative?

More agressive targeted marketing

The Story

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Please select one

What was the motivation or defining moment that led to the creation of this innovation? Tell us the story.

A discussion with Cyril Ramaphosa, a leading politician turned businessman about the plight of the unbanked and how difficult it was to open a simple bank account

Please provide a personal bio of the social innovator behind this initiative.

Brian Richardson commenced his career in the banking industry rising to senior executive postions at a very young age. Having completed his MBA he helped grow a small entrepreneurial business in the people and organisational development field to a lsited entity with offices in 23 countries around the world. recognising the plight of the unbanked he together with his partner CHarels Rowlinson started WIZZIT in 2004

a) Please identify the individuals that your innovation benefits (Please check all that apply)

Consumers .

b) Do you help the people you serve to buy goods or services using financial innovation? If so, how?

WIZZIT is a transactional based model and saves its customers huge amounts of time and money (particularly transport costs) by enabling them to make payments, buy prepaid airtime and electicity and remit money from where they are 24/7 on their mobile phone

c) Do you help the people you serve to sell goods or services using financial innovation? If so, how?

Cash in most developing economies is both risky and expensive. Suppliers therefore can remove cash from their lives by accepting payments from WIZZIT customers. Many entrpeneurs and SMEs are also unbanked and therefore a strategic market for WIZZIT