Banking for the Unbanked
Irregular income, no proof of residence – 80% of South Africans are currently excluded from the formal banking system. In order to change this, Standard Bank has introduced their “Inclusive Banking Initiative”. Based on SAP Sybase technology Standard Bank now brings mobile banking to people who often have not set up a bank account yet. Standard Bank built the mobile app via the SAP mobile platform that allows people to sign-up, get a bank account in just a few minutes and conduct transactions (paying bills, transfer of money, etc.) all from a simple flip-phone. The app has helped over half a million people thus far and continues to grow at a fast pace.
Watch how a responsible financial institution can help reduce poverty with SAP’s support: