Purpose
Social Impact through employee benefits.
Insubu's purpose is to improve the wellbeing of South Africa's working class through financial inclusion.
Insubu embodies the principles highlighted in the book "Firms of Endearment: How World-Class Companies Profit from Passion and Purpose".
Background
Insubu was founded after years of investing in fintech startups with a focus on ethical disruption, financial inclusion, doing well by doing good and profit with a purpose. Our sister company, Fitech Ventures, Home | FiTech Ventures has invested in a number of fintech startups, some of which are used to provide Insubu services.
Financial inclusion is a crucial aspect of a thriving economy, ensuring that all individuals have access to essential financial services. In South Africa, the financial services sector is well-regulated, boasting consumer protection measures. However, this rigorous regulation often results in excessive costs* that are passed down to consumers, hindering financial inclusion for the majority of the population. Insubu uses technology to simplify processes and reduce costs, which enables financial inclusion and the provison of affordable, sustainable financial services
A Living Wage
“South Africa is a nation of well known promise and peril. One way to improve the well-being of South Africa’s working class is through financial inclusion – the adoption, usage and sustainability of financial services” The majority of people who are working full time in South Africa do not earn a living wage*, which is the amount needed for an individual or family to live a decent, dignified life.
A living wage for a typical family in Gauteng is estimated to be R8,594. Most employers pay the legal minimum wage set by government, which is approximately R6,300 per month.The collective benefit of the Insubu services is ~R1,200, which goes a long way to bridging the gap between the minimum wage and a living wage.* A Living Wage (fitechventures.com)
Testimonials
“We’ve received really great feedback from our employees since we launched on demand pay. It has really helped them avoid loan sharks and get out of debt.”
Alistair Gardner, HR Manager Lasec
“Now we just send employees to Jem when they are in financial stress. It has been such a pleasure and our employees absolutely love it.”
Leanne Pretorius, Senior payroll manager, Mukuru
”I would like to thank you from the bottom of my heart for the brilliant service you gave me and my family. I really appreciate how you handle my claim process until the end. Keep up the brilliant work you do.”
Nancy Mashao – Simply client