Nedbank launches South Africa’s first solar branch in Mncwasa

Online since 22.03.2018 • Filed under Finance • From Issue 7 - March to August 2018 page(s) 20
Nedbank launches South Africa’s first solar branch in Mncwasa

In September last year, Nedbank launched South Africa’s first solar branch in Mncwasa, 60km from Mthatha in the Eastern Cape.

In what is a first-to-market in the financial sector, the Nedbank solar-powered branch provides convenient banking to a community without banking facilities through SolarTurtle, a mobile service provider owned by members of the Mncwasa community.

Opening the Mncwasa branch was a result of a partnership with the Mbhashe Local Municipality, represented by Executive Mayor, Councillor Samkelo Janda. More than 69% of Mncwasa’s community is economically inactive and depends on child support grants. Those employed are mostly teachers and smallscale entrepreneurs.

The solar branch is situated in a rural area and enables the community to access financial services, such as cashless banking, and make use of digital-payment solutions through Masterpass.

Masterpass is an innovative digital-payment app that is convenient and simple to use. This trusted digital wallet enables faster and safer transactions as it saves client payment information in a secure digital storage facility for online purchases at the press of a button. The app can be downloaded from the Apple, Android, Blackberry and Windows app stores.

James van der Walt, SolarTurtle’s CEO, says: ‘This solar Nedbank branch offers cutting-edge e-banking technology to an area where banks normally don’t go.

This allows rural clients to open accounts, receive money from relatives, or even take personal loans to buy solarpower solutions for their homes. All this is done cash-free through a phone, making it safe and secure.’

Until now, there was no local banking facility in the community. Nedbank is committed to uplifting communities by offering facilities for local entrepreneurs to transact safely and conveniently. ‘As money experts who do good, Nedbank is committed to making banking accessible to all the communities in which we operate. We understand the role that banking services play in stimulating economic activity and developing communities. It is for this reason that we continue to develop innovative products and services such as the solar-powered branch, which is designed to overcome infrastructure constraints while enabling individuals, families and businesses to realise their goals and full potential,’ says Eastern Cape Provincial General Manager, Lonwabo Daniels. ‘This is a wonderful opportunity for Nedbank and we envisage it being a pilot for a potential penetration strategy into Africa,’ Lonwabo concludes.

 

Nedbank Group is one of South Africa’s four largest banking groups by assets and deposits, with Nedbank Limited being our principal banking subsidiary. The bank provides wholesale and retail banking services and a growing insurance, asset management and wealth management offering through four main business operations – Nedbank Corporate and Investment Banking, Nedbank Business Banking,

Nedbank Retail and Nedbank Wealth

Masterpass is an innovative, simple to use and convenient digital-payment app that enables faster transactions and safer shopping experiences. It saves payment details and shipping information in a secure digital storage facility, allowing you to make your online purchases at the press of a button.

Issue 7 - March to August 2018

Issue 7 - March to August 2018

This article was featured on page 20 of SABI Magazine Issue 7 - March to August 2018 .

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