Competition is about to get even tighter for financial institutions targeting people that are underserved by traditional banks. On Wednesday, Sasfin and technology company Hello Group launched a new digital bank targeting the “unbanked” part of the population. The launch comes just a week after Tymebank, owned by Patrice Motsepe’s African Rainbow Capital (ARC), held an investor day to introduce its own new offering. Tymebank also said its target market was underserved communities at banking’s entry level. Sasfin announced its partnershio with Hello Group’s money transfer business, Hello Paisa, to target communities that predominantly transact in cash. The companies have added a basic bank account to Hello Paisa’s offering. Hello Paisa offers money transfer services in 35 countries but the bank product will only be offered in SA. It is a digital banking offering, supported by Sasfin’s banking platforms and infrastructure. It will consist of a mobile app, linked-mobile SIM  card, a ba...

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