Fintech - Wizzit CEO Brian Richardson aims at the 'unbanked'

CFO South Africa 07 July 2015

Banking both the world’s unbanked and underbanked population through the use of mobile technology is what Wizzit International hopes to achieve. "Our primary focus is on financial inclusion and empowerment. In the world there are 3 billion people without access to financial services. In Africa there are 700 million people who do not even have a basic bank account,” says Brian Richardson, Wizzit International’s Chief Executive Officer.

"Banks are under pressure to address this issue, at the same time mobile payments have become part of the mainstream payments space and every bank is taking this opportunity much more seriously or risk getting left behind".

Wizzit International, the company that houses the IP and technology, describes itself as an established "market disrupter" working across three continents with 9 partner banks and in excess of 6 million active customers, supplying leading banks with innovative state of the art mobile banking technology.

"Our philosophy is about bringing the bank to the people rather than the traditional model of getting the people to the bank."

"Our solution includes state of the art technology, but also a branchless banking model that turns traditional bricks and mortar based thinking on its head," says Richardson. "Key differentiators for Wizzit are 10 years hands on practical experience, a partnership model that works, a proven track record, a 8 to 12 week implementation cycle, recognition as global pioneers, innovators and disruptors in the mobile banking and branchless banking space."

Richard says he understands banks and the pressure that they are under. "Banks face a very real threat of being disintermediated by others if they do not get involved in the mobile banking space. Already banks have lost 25% of the payments business and this is believed to be cut to 50% by next year. Doing nothing is not an option for the banks. The have to act and act now."

So how is the offering delivered to the marketplace?

"We will install the platform in country or as a PaaS (Platform as a Service) and work with the bank as partners to ensure that it achieves its objectives. The payment space is changing rapidly and we all work hard to ensure that we remain at the forefront of this technology wave".

"Our philosophy is about bringing the bank to the people rather than the traditional model of getting the people to the bank. Our partner banks tend to adopt our model and adapt it for their markets and circumstances," says Richardson.

Read now:

Join the FinTech Africa Event 'Challenges and Developments' on 28 July 2015 in Johannesburg. RSVP now here or contact us on [email protected] or +27 11 0837515.
Stay connected, up to date and in the loop on what is happening in the world of finance and keep track of newly published expert insights and interviews with CFOs and CEOs. Become an online member and receive our newsletter, follow us on Twitter and join us on LinkedIn.