Providing small businesses with access to loans
A major challenge for rural populations is gaining access to credit. The gap is particularly apparent in Sub-Saharan Africa where current credit availability needs to increase by over 400 percent to fill the gap. It is estimated that 45 percent of South Africa's population of 50 million are unbanked or underbanked.
To address this challenge, WIZZIT, a mobile banking business, made a commitment to the Business Call to Action to provide underserved populations with the opportunity to access credit. WIZZIT developed a new loan offering that allowed thousands of micro and small businesses and individual customers to access the capital they need to grow through local mobile banking representatives called WIZZkids.
In addition to providing basic banking and financial services, WIZZIT provides small business support. The WIZZIT College of Entrepreneurship provides clients with access to the latest in business and management training. WIZZIT also plans to expand its offering beyond South Africa to other Sub-Saharan Africa countries.
At the time of its BCtA commitment, WIZZIT in South Africa had signed up over 500,000 customers for basic banking services and distributed 2,000 personal loans and 200 small business loans.