Product details

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Case
-
Reference no. 808-015-1
Subject category: Entrepreneurship
Published by: Wits Business School - University of the Witwatersrand
Published in: 2008
Length: 11 pages
Data source: Field research

Abstract

This is the second of a three-case series (808-014-1 to 808-016-1). It was April 2005, six months after Rowlinson and Richardson had launched their virtual bank, Wizzit, into the South African market. It was the first virtual bank of its kind in the country based on the use of cell phone technology and complemented by a debit card. Wizzit''s primary target market was the unbanked and underbanked population of South Africa. Richardson was pleased with the growth that Wizzit had shown since its launch, but was concerned about the low volume of transactions among account holders, particularly as it was proving very expensive for the business to maintain such a large number of dormant accounts. A further challenge was to increase brand awareness and the credibility of a virtual bank within the mass market without using mass media, for which Wizzit did not have the budget.
Industry:
Size:
Small
Other setting(s):
2003-2006

About

Abstract

This is the second of a three-case series (808-014-1 to 808-016-1). It was April 2005, six months after Rowlinson and Richardson had launched their virtual bank, Wizzit, into the South African market. It was the first virtual bank of its kind in the country based on the use of cell phone technology and complemented by a debit card. Wizzit''s primary target market was the unbanked and underbanked population of South Africa. Richardson was pleased with the growth that Wizzit had shown since its launch, but was concerned about the low volume of transactions among account holders, particularly as it was proving very expensive for the business to maintain such a large number of dormant accounts. A further challenge was to increase brand awareness and the credibility of a virtual bank within the mass market without using mass media, for which Wizzit did not have the budget.

Settings

Industry:
Size:
Small
Other setting(s):
2003-2006

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