25818 - Wizzit

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Summary of Proposed Investment

Project Number

25818

Company Name

WIZZIT PAYMENTS (PTY) LTD

Date SPI Disclosed

May 1, 2007

Country

South Africa

Industry

Financial Markets

Projected Board Date

May 31, 2007

Status

Completed

Sector

Other Services (Including IT Enabled Services)

Department

Equity Portfolio Management

Environmental Category

C - No Impact

Previous Events

Approved : Nov 9, 2007
Signed : Nov 20, 2007
Invested : Feb 29, 2008

Project Description

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.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	2.0

Development Impact

Providing a low-cost channel for the poor and people living in rural areas to participate more actively in the economy by providing access to the country’s financial infrastructure has been shown to have a positive economic impact for both those populations and the country’s economy overall. Wizzit will enable the unbanked to:

- More easily make and receive electronic payments that reduce cash in circulation which in South Africa has been a source of crime, fraud and corruption;
- Receive and repay small loans to individuals and micro-enterprises;
- Receive interest on savings;
- Gradually access and make themselves eligible for more sophisticated financial services and products.

Wizzit is an early-stage, high-risk investment deploying a new business model in a market perceived to be risky. IFC’s investment will provide much needed funding to the company so that it can expand its customer base and product offering much more rapidly than would otherwise be possible. IFC will further assist the company to access other markets outside South Africa, as well as provide access to World Bank Group expertise, research and contacts in the industry.

The electronic assets in this project consist of switching infrastructure housed within office space not owned by the sponsor. Working conditions of the sponsor’s employees and sales force and any opportunity for added value will be reviewed during appraisal. Based on this early review, this has been provisionally classified as a Category C project according to IFC’s Environmental and Social Review Procedure.

Contacts

For Inquiries About the Project, Contact

Charles Rowlinson
4th Floor South Tower, Nelson Mandela Square
Sandton City
South Africa

Telephone: 011 523 5607
Fax: 011 523 5699
E-mail:charlesr@wizzit.co.za
Website: www.wizzit.co.za

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This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. It is not an offer of shares to the public and is intended solely to enhance the transparency of IFC’s activities. This document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC’s Policy on Disclosure of Information that went into effect April 30, 2006.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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