‘Mobile by necessity’ is changing the banking industry in Africa. While as Mastering SAP Technologies South Africa, Dennis sat down with Audrey Moputhi, Head of Inclusive Banking at Standard Bank South Africa. For Audrey, bringing banking to the unbanked is the best job in the world. As she puts it:
[We’re] taking banking to people who would not necessarily have a banker because they cannot get to the physical infrastructure of the branches.In a country with 56 odd million and 22 million South Africans earning less than 3,000 rand, living 50 kilometers away from the nearest branch, that’s the best thing because I get to take banking to them outside their doorstep.
How does Standard Bank do it? They created a partnership with local community store keepers and mom and pop shops to create a network of some 7,000 ‘access points.’ These are places where people can sign up for a bank account in under 10 minutes. They can also use ATM style machines and/or their cell phones to access and transact moderately simple operations like prepaying for utilities and transferring money. Over to Audrey:
Using the customer’s cell phone is how they actually do the transactions with the access point owner. I can use my cell phone or I can use my card because we’ve also got the mobile solution they can work off of using USSD string.
As Audrey explains, this mobile solution is powered by SAP technologies. During the final segment of the shoot, she shares how her team rolled out access to several million customers in 18 months.
:45 Taking banking to the people – best job in the world
2:18 Why setting up banking and insurance accounts can be daunting
3:15 7,000 access points are now set up
3:57 Shop owners become bank branch affiliates
4:32 The role of SAP mobile technology
5:59 Bringing several million customers onto the SAP system