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Grindrod Bank, together with NASDAQ-listed Net1 UEPS Technologies, has developed one of South Africa’s most innovative retail banking solutions, Sharp!Banking.
This is an exciting card-based product, specifically designed to meet the needs of those who have not previously had access to banking services.

 

SHARP!BANKING
The debit card issued to Sharp!Banking clients, is embedded with a chip, which links client information to their biometric (fingerprint). This means that any card transactions are verified by the presentation of that cardholder’s unique fingerprint.
Retail terminals are fitted with point of sale devices, which combine a fingerprint scanner for this purpose. These scanners are equipped with world class technology capable of detecting heat and a pulse, thereby removing the potential for identity theft or card fraud.

More than 14 million employed South Africans do not have access to a formal banking account.
The retail division was launched to cater for this initial market and it is already expanding beyond this initial niche group.

Features
With the high prevalence of cash-related crime in South Africa, income earners need access to secure banking at affordable rates. Not only that, but cash-paying employers too are exposed to the cost and risk of transporting cash to work sites, as well as with the time-consuming task of administering pay packets and the resulting loss of productivity on pay days.
The alternative to cash is some form of banking solution, although many of those on offer are costly and impractical for the client. Sharp!Banking aims to solve this.

Sharp!Banking provides employed individuals with access to secure, affordable debit card accounts into which their salaries can be paid.
Cash withdrawals and goods purchases can be made in safe retail environments, many of which are situated in previously-unbanked rural areas. Through it’s technology partner, the Retail division has access to 4600 point of sale terminals in selected retail stores which include Pick ‘n Pay, SPAR, Boxer, Rhino Cash n Carry, and a number of local cafes, grocers and spaza shops.
The UEPS-enabled smart card is ideal for wage payments and replaces the handling of cash in any number of business transactions.

It is also suitable for other applications. Many community clubs and associations, for example, are taking up this solution, and are issuing the cards to their members.

Sharp!Banking is an ideal means of replacing the handling of cash in any business transaction.