A new player has entered the South African financial and telecommunications sector: eGroupX, a fintech and connectivity group launched to make financial and telco services more accessible and affordable for millions of people who remain underserved.
eGroupX brings together a network of successful financial and connectivity businesses to create a comprehensive ecosystem designed to serve low-income households, small and medium-sized enterprises (SMEs) and informal merchants.
The group’s offerings span payment systems, core banking infrastructure, remittances, insurance, telecoms, internet services, cryptocurrency and forex trading. Each service prioritises affordability and ease of use to better meet the needs of underserved communities. The group’s core businesses include:
- DoshFX : A secure, user-friendly cryptocurrency platform for buying, storing, selling and exploring digital assets.
- eZiFX: Reliable forex transfer services for individuals and businesses that supports cross-border transactions and remittance needs.
- eMobile: Leverages strategic partnerships with major telecom providers to reach millions through cost-effective mobile banking and onboarding solutions.
- eSure: Affordable, custom insurance products specifically designed for low-income consumers.
- eZi Transact: A seamless B2B and B2C payment platform that empowers SMEs and informal merchants to manage transactions efficiently.
- Hola Data: An affordable, high-speed ISP committed to transparent pricing and accessible internet services without hidden fees.
By bringing these well-established businesses together under one brand, eGroupX is committed to making a real difference in the lives of the underserved and unbanked communities, not only in South Africa but across sub-Saharan Africa.
“Our approach uses the strengths of each business to deliver services that are greater together than they are apart. Our mission is to reshape financial services in South Africa and empower millions of people to take control of their financial futures. By bringing all our offerings together, we can better serve the daily needs of our customers and help them better their lives,” says Saud Ally, CEO, eGroupX.
Despite South Africa’s advanced financial sector, approximately 8.2 million adults, or 19% of the adult population, were unbanked as of 2021, according to the FinScope South Africa Consumer Survey. The World Bank’s Global Findex Database 2021 also reported that 85% of South African adults had an account at a financial institution or with a mobile money provider.
However, the challenge lies in the active usage of these accounts. While many South Africans are technically banked, a large number do not use their accounts regularly or effectively for financial transactions. eGroupX aims to address this gap by promoting financial inclusion and encouraging more active engagement with financial services.
Financial inclusion is critical for a country’s economic growth and social development. When more people have access to affordable and convenient financial services, they can save securely, invest in education and start or expand businesses. This access drives job creation, reduces poverty and enhances economic stability.
“Financial inclusion is not just about giving people access to financial services, it’s about integrating these services into their everyday lives in a way that adds real value. By bringing together a suite of established solutions under eGroupX, we are determined to make a lasting impact on communities and the broader economy,” says Ally.
eGroupX’s integrated model allows customers to manage all their financial and connectivity needs through one ecosystem. This streamlined approach reduces costs and increases long-term value for customers, making eGroupX a powerful solution to eliminate financial exclusion.
