Ozow

44 Followers

About

Ozow believes that payments should be easy. That’s why Ozow provides easy, fast, and secure payment solutions for everyone. From QR codes, point of sale, eCommerce, e-billing, peer-to-peer payments, and everything in between, Ozow has your payment needs covered. With Ozow, you can make and receive payments… from anywhere and at any time. All you need is a bank account and a smart-enabled device. It’s that simple.

Values

  • Be Committed

    Through persistence, commitment, grit, endurance and hard work, we strive to give out our best selves in the most passionate sense because we know that the effort, we put in today will get us closer to our achievements tomorrow.

  • Be Innovative

    We are open to new opportunities and new learnings. There is so much more to explore. Together we combine our knowledge and efforts, encouraging creativity into building the Unicorn we aspire to be.

  • Be Honest

    We deliver honestly on our commitments. We own our actions, and we accept accountability for our decisions.

  • Be Inclusive

    We are a team who support each other through this journey with respect and dignity no matter our background or where we are from. We do not discriminate, exclude, or speak poorly of others. We uplift and value our relationships by being courteous, kind and considerate.

Riaan Hanekom
CTO
Oriel Pays
CPO
Rutendo Hlatshwayo
CLO
Jerome Touze
Chief Operations Officer
Bradly Howland
PR & Communications Specialist
Henk Burger
Senior UI/UX Designer
Suveshen Nadasen
Head of Digital
Head of Creative
Vacant position
Head of Brand
Vacant position
Head of Insights, Analytics, and Data Science
Vacant position
Chief Financial Officer
Vacant position

No teams yet!

Other announcement

New payments system set to shake up South Africa’s banking industry

New payments system set to shake up South Africa’s banking industry

A major change is coming to South Africa’s banking and payments sector. Known as the Rapid Payment Programme (RPP), this evolutionary banking concept aims to create a simpler, safer instant payment ecosystem that would give people the ability to make real-time payments using simple identifiers, such as mobile numbers or email addresses. Led by BankServAfrica in collaboration with the Payments Association of South Africa (PASA), RPP is the first of its kind in the country – unifying the entire banking sector under the common goal of broadening and modernising the industry to include those who had historically relied on cash as their primary payment method. According to Thomas Pays, CEO and Co-Founder of Ozow - an Instant EFT payment solutions provider, the initiative is set to change the course of how people transact in the future. “Not only will this make it easier for people to be able to make payments, but it will also help solve one of the biggest challenges that our country faces - how to get the millions of underbanked South African's transacting in the digital economy.” Aligning with the South African Reserve Bank’s Vision 2025 and PASA’s Project Future aimed at modernising the payments industry, RPP has been endorsed by various government bodies, 11 major banks and the broader fintech industry. It is anticipated that the successful launch of the initiative will take place as early as 2022. “This is a massive step in the right direction and is something that we have actively been lobbying for over the last six years. Our mission is centred around an imperative to empower previously disadvantaged South Africans with the development of innovative payment solutions that meet their real-world needs,” explains Pays. What this will mean for consumers While 80% of South Africans own a bank account, more than 70% of all retail payment volumes are still cash-based . In the informal economy, it is estimated that as much as 89% of all transactions are done using cash . To reduce the reliance on cash, Pays says that the move to introduce this next-generation payment ecosystem will make it easier for consumers to be able to transact digitally. “What sets RPP apart from previous banking initiatives that have hoped to achieve the same goal is that consumers will be able to select phone numbers, email addresses, and domain-based aliases as a way to identify themselves for the purposes of receiving payments,” he explains. The system is also set up to enable consumers to be able to make or receive payments instantly without having to wait for the funds to clear, regardless of which bank they are with. In the long-term, RPP will contribute to building a safe, reliable, and efficient National Payment System that would ultimately benefit all levels of society in the country. International success of rapid payment systems South Africa’s RPP is based on several international initiatives that have helped to revolutionise the way people pay in countries like India, Brazil, US, UK, Thailand, China and Singapore. Launched in 2015, India’s Unified Payment Interface (UPI) redefined the way people made payments, resulting in more than a billion transactions being made through the system each month. Pays says that the system has helped India rapidly expand its entire banking ecosystem to previously untapped markets, which equated to a 50% increase in overall transactions in the country that were previously non-existent on the system. In response to the Covid-19 pandemic, Brazil’s Central Bank saw the need to create and regulate a new instant payment system called PIX to improve access to online services. Since its launch in November 2020, PIX has had the fastest adoption of a new payment service in the world. In total, 83 million individual users and more than 5.5 million companies registered more than 242 million PIX keys. More than 45% of the country’s population now uses this as a payment method. Fintechs to play a vital role Within the world of banking, fintech companies are at the forefront of developing these simple and accessible payments solutions to enable consumers to bank or transact online. BankServAfrica has recognised that fintech companies and other third-party providers will play a crucial role in developing easy and simple user interfaces for consumers to be able to use. “We believe that the work that Ozow has done to enable bank-to-bank payments online and in-person through some of the most simplified payment solutions for enterprises, SMMEs and individuals is perfectly primed to deliver RPP to the market,” says Pays. Using India as a benchmark, there is also tremendous value for fintechs to be part of the solution in South Africa. In February 2021, fintech providers of India’s UPI recorded a total of 2.3 billion digital payment transactions worth over four trillion Indian rupees. This marked a year-on-year growth of over 70% in volume of transactions . As a result of UPI, India’s fintech sector grew by an estimated $31 billion in 2020. By 2023, this is expected to jump $140 billion and by 2025, the fintech industry valuation is estimated at $150-160 billion . “Across the value chain, from the banks to fintechs like Ozow, we are geared to drive consumer awareness and build trust that would ultimately encourage migration to these new forms of digital payments. Unlike before, the unified approach that underpins RPP will act as a massive catalyst to ensure that this happens,” he adds. “We look forward to collaborating with BankServAfrica, PASA, the banks and all other stakeholders within the industry to help create a truly democratised, equitable, and inclusive financial and banking sector that will meet the needs and better serve all South Africans,” says Pays.

Other announcement

Social media has become the new marketplace

Social media has become the new marketplace

Since the late 2000s, social media has become an integral part of our daily lives - whether to connect with friends and family, share information with others, or stay updated on the latest news and trends. With an average of 3.5hrs spent on social media each day by South Africans, according to the latest stats from Hootsuite, it has been a natural evolution for these networks to become the new marketplace for consumers. Coined social commerce, social media platforms have introduced shopping portals and added functionality to allow people to buy and sell goods directly off their platforms. Back in 2016, Facebook launched its Marketplace to cater to people wanting to use their social media platforms to shop locally. Many of the other social media platforms followed suit, opening a whole new marketplace for consumers. Thomas Pays, Co-Founder and CEO of Ozow – a leading Instant EFT payment solutions provider, says that Facebook, Instagram, Twitter, Pinterest, and even TikTok, have capitalised on this trend by introducing social commerce on their channels as a new way for people to buy and sell goods online. “The move has helped to redefine where and how people shop.” Younger consumers driving social commerce While the pandemic has amplified the usage of social commerce, Gen Z (aged between 9-25yrs) and Millennial (aged between 16-40yrs) consumers have been using social media for years as a source of information of products and services that they are considering using. “With Forbes citing that 40% of all shopping is currently being done by Gen Z alone, retailers would be foolish to underestimate the power that social media wields on their bottom line,” points out Pays. Combined, the Gen Z and Millennial generations have fast become the largest consumer generation in history. In South Africa, this equates to 73% of our population – a powerful consumer base online. Younger consumers have moved beyond traditional eCommerce favoured by millennials and are more likely to use social commerce — the practice of purchasing wholly within a social media platform. What makes it work is that the algorithms provide a personalised shopping experience (thereby reducing the risk of abandoned carts), all while delivering greater engagement that gives them the ability to co-create an experience that is uniquely their own. Benefits of social commerce Apart from the immediate benefits, there is tremendous value in entrepreneurs using social commerce as a way to sell their goods and services. “For novice digital entrepreneurs who are just entering the market, social commerce acts as the perfect gateway to more formal eCommerce platforms that they may use in the future. Platforms like the Facebook and Instagram marketplaces, for example, have been designed to be simple enough that anyone can buy and sell online – opening up the eCommerce system to millions of new users,” adds Pays. According to a recent study of 23 African and Asian countries, which was conducted by the United Nations Conference on Trade and Development (UNCTAD), it found that 58% of businesses that sold primarily through their own eCommerce channels saw a drop in monthly revenue during the Covid-19 pandemic. In comparison, businesses that used third-party marketplaces and social channels saw a collective increase in sales of 64%. “While the increased usage of social commerce by these consumers continues to redefine the way retailers operate, their shopping behaviour during this pandemic cemented their value as a generation of consumers steadfast on transforming the economy,” says Pays.

Other announcement

Ozow uses power of crowdfunding to lend a helping hand

Ozow uses power of crowdfunding to lend a helping hand

Using the power of crowdfunding, payment solution provider Ozow has launched a campaign to support those in need of a helping hand. “We understand that the last year was incredibly tough for everyone, some more than others. To ensure that we play our part in making a difference, we have launched Ozow Wish as a way to give back to those who need it the most,” says Oriel Pays, Chief People Officer at Ozow. “Whether it’s a financial investment for food security, infrastructure support to collect donations, or you just want to bring a smile to a child's face by introducing them to their role model, nothing is too small or too big,” she adds. To apply to Ozow Wish, members of the public need to upload a video to the website that explains the type of support that they or someone they know is needing. A panel comprising of the Ozow team and its partners will review each submission to determine how Ozow Wish can help. Shortlisted beneficiaries will be contacted, which may include an in-person visit to better understand how better the panel can support the individual or organisation. Using the power of the collective, Pays explains that Ozow will tap into its network of partners and merchants to pull together funding and resources to ensure that it is able to impact the lives of as many people as it can. “Crowdfunding has been a phenomenal driving force to effect change in the lives of vulnerable individuals and communities. Apart from just tapping into our networks, we are also encouraging the public to show their support,” says Pays. Ozow will share the shortlisted stories on the Ozow Wish website, with the option to donate directly to each cause. To ensure that the support goes directly to where it is needed, no fees will be levied on any donations. In a report from the World Bank, it noted that financial technology (fintech) can play a role in poverty reduction and drive greater financial inclusion - particularly through payment technologies and crowdfunding platforms that connect would-be donors with a variety of causes and provide them with a safe and easy way to donate. “Ozow is led by an unwavering commitment to enable and provide access to easy, fast and secure payment solutions to all. Doing so is vital to driving greater financial inclusion, bridging the digital divides and boosting shared prosperity in our country,” says Pays. To find out more about Ozow Wish or to apply, visit https://ozowwish.ozow.com

Partnership announcement

Hello Paisa and Ozow set to make money transfers easier to do in South Africa

Hello Paisa and Ozow set to make money transfers easier to do in South Africa

As one of the economic centers on the continent, South Africa plays a pivotal part in supporting an estimated 2.9 million migrant workers. According to World Bank data, the more than $ 7 billion in remittances sent by migrants are a significant source of capital in most Southern African countries – providing a financial lifeline to millions of households. International money transfer companies like Hello Paisa are leading the way in providing safe, legal and easy-to-use services that allow individuals to send money instantly from South Africa to countries around the world. According to Sayjil Magan, Managing Director at Hello Paisa, being able to do international money transfers in real-time with the confidence and knowledge that it has been safely received by the recipient is paramount. “Understanding this need is integral to our drive to create greater access to convenient and affordable remittance services.” For Hello Paisa to be able to deliver on this promise it has recognized the importance of partnering with Ozow as its trusted instant EFT payment provider. The partnership will mean that Hello Paisa customers will be able to pay for their money transfers directly from their bank accounts using Ozow’s instant EFT solution. Unlike traditional payment options, this can be done anywhere, any time and without the hassle of having to wait for money to clear. “Being able to simplify the complexities of international money transfers for people is dependent on the collaboration and partnerships that we create within the financial services and banking sector,” explains Thomas Pays, CEO and Co-Founder of Ozow. “Ultimately, we are focused on providing payment solutions that help to drive down cost, improve the speed of transfers and provide consumers with more ways to transact. With a focus on safety and security, this alternative payment method will also help to reduce the risk of migrant workers having to carry or transact in cash when wanting to send money back home,” Pays adds. To pay using instant EFT, Hello Paisa customers will simply need to select Ozow as their payment method for the money transfer, enter their bank details to select which account to pay directly from and then approve the payment on their banking app, with a secure second-factor authentication. Ozow’s instant EFT payment method is available with South Africa’s nine major banks: ABSA, FNB, Nedbank, Standard Bank, Capitec, Investec, Tymebank, African Bank and Bidvest Bank.

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