Applicant name: Hello Paisa Propietary Limited
Applicant type: Private Company
Headquarter City: Centurion
Headquarter Country: South Africa
Innovation Name: Hello Paisa Digital Onboarding – KYC and Sanctions Screening Tool
Innovation Type: Solution
Category: Best in Class Compliance Solution
Status of Innovation: In-market
Innovation Active Since: 10/01/2017
Innovation Description: The innovation developed by Hello Paisa is a digital onboarding tool which allows any financial service provider to fully onboard a customer to obtain access to a financial product. The tool facilitates (i) the obtaining of KYC information and documentation, (ii) real time third party verification checks of a customers identity documentation and (iii) real time sanctions screening of the customer being onboarded.
What was the inspiration for this innovation? Hello Paisa’s customers are mainly migrant workers and foreign nationals who have not had any or much interaction with regulated financial products in their lifetimes. What may seem like a regular task to a citizen of a country (i.e. walking into a financial institution and purchasing a financial product) is a daunting and very intimidating experience for a foreign national and migrant worker in a country which is not their home. Financial inclusion is at the heart of Hello Paisa’s mission and this is what drove Hello Paisa to build a financial suite of products which was easily accessible to its customers. This consequentially meant that Hello Paisa would need to take its financial products to its customers homes, places of work/recreation – basically the streets of those suburbs further away from central business districts. This is what inspired Hello Paisa to develop an onboarding tool which could allow a customer to be onboarded for a fully interoperable bank account, remittance service and insurance and other VAS products from the comfort of their homes, workplaces or places of recreation in just 30 minutes.
Who can benefit from your innovation most? The innovation can benefit financial service providers who are required to perform customer due diligence on current and prospective customers (i.e. Money Transfer Operators, Digital Currency Organisations, Banks, Insurance Companies, Merchant Acquirers, etc).
What are you most proud of about your innovation?
  1. The innovation has allowed Hello Paisa to achieve financial inclusion of hundreds of thousands of customers.
  2. The innovation has multi-document capabilities. Customers may be onboarded with National ID’s or Passports or Asylum Seeker Permits or Refugee Permits.
  3. The innovation allows Hello Paisa to automate its compliance obligations thereby driving down the cost of its compliance and consequentially the cost of remittances to customers.
  4. The innovation includes a sanctions screening tool which provides for fuzzy logic intelligence as well as direct match capability and is able to screen on either basis across data fields.
  5. The innovation also have a real time failover to a physical compliance team should any third party integration fail to work for some reason.
Why do you think you should win this category? Our innovation should win this category because it is a unique solution to a set of circumstances which is common to many developing countries. The World Bank and the IMF have strongly advocated financial inclusion and this solution speaks to such sentiment in a space where it can be most advantageous.

TEAM MEMBERS

Full Name: Sayjil Magan
Role: Managing Director
Full Name: Moosa Manjra
Role: CEO