Wizzit

completed

WIZZIT Payments (Pty) Ltd (Wizzit or the company) is the provider of an electronic transactions platform targeting South Africa’s under-banked and un-banked. Its platform makes use of existing GSM infrastructure to facilitate bank account origination and transactions via cell phones. Wizzit offers these banking services in an alliance with The South African Bank of Athens Limited, through which Wizzit has access to a banking license. Wizzit’s technological approach and the resulting low-cost structure make it possible to provide services at a fraction of what similar services would cost using more common banking channels and processes, while the presence and penetration of the GSM network and handsets in South Africa greatly increases reach. A proposed IFC investment in Wizzit would facilitate the company’s expansion and acquisition of additional subscribers.