Turning obstacles into opportunities and flying the banner of FinTech enablement
Determined to play a pivotal role in meaningful FinTech enablement , Ukheshe Technologies , a leading FinTech enablement partner , is committed to driving the creation of an accessible and sustainable digital economy . This is particularly important in emerging markets as the increase in mobile access has created a new frontier of possibility for FinTech innovation to empower businesses to provide their customers with the tools for economic independence beyond the formal banking system , explains Clayton Hayward , CEO of Ukheshe .
A notable highlight of last year was undoubtedly the sense of accomplishment that shined through in everything we do , as we set up the business for on-going success . We ’ ve refined our processes to ensure we can attract new customers in new markets faster and at scale . We are now fully capable of achieving a massive onboarding of customers or a bulk onboarding of customers , with the capability of rolling-out products and functionalities into multiple markets simultaneously . At any given time , we ’ ve got 65 projects running which is a significant capability for a FinTech enterprise of more than 100 people .
In the wake of the FinTech boom in which many companies were wildly overvalued , Ukheshe has made great strides in proving that our true worth lies in innovation , showcasing a real presence and the revenue to match , in all the markets we ’ ve touched .
Increased attention from regulators
Clayton Hayward , CEO of Ukheshe
Despite some general negative sentiment around FinTech companies , there is massive opportunity within the digital financial services ecosystem as incumbent banks have come to the realisation that they need to work with FinTechs . On the regulatory front , the South African Reserve Bank established the Intergovernmental Fintech Working Group ( IFWG ) to review South Africa ' s position on crypto assets and develop an appropriate policy and regulatory framework . It ’ s no longer just banks who have a seat at the table in setting rules and giving input into new payment streams , it ’ s promising that FinTechs and even retailers are being brought into these industrychanging discussions .
Looking at mobile money markets , like Kenya , it is clear that regulators are taking a stringent approach toward FinTechs and mobile money operators , particularly where they deliver services that are not clear from a regulatory perspective . Regulatory and governance issues around FinTechs are being assessed and due diligence in all aspects has ramped up .
FinTechs now find themselves in one of two situations – either they ’ re well positioned with a footprint in several countries with the necessary licences and proper partnerships , or they ’ re vulnerable because they lack those licences and partnerships . This will make the power and value of partnerships even more important than ever
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