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UKHESHE AND KCB IN DEAL TO BOOST EAST AFRICAN PAYMENT SERVICES
In an initiative that will see the growth and
development of payment services within the East Africa region , a leading digital FinTech platform provider , Ukheshe , has announced the conclusion of a new agreement with the Kenya-based lender KCB Bank Kenya .
Through the agreement , KCB will sponsor Ukheshe ’ s Bank Identification Number ( BIN ) number , which will allow Ukheshe to immediately issue both physical and virtual cards across East Africa where KCB has an extensive footprint .
According to Victor Ndlovu , Vice President of Ukheshe Africa , the deal will include other innovative digital products such as QR issuing and acquiring .
He said : “ By joining forces with KCB we are wellplaced to address several open loop market opportunities while boosting wider consumer adoption . Payment options across various segments will benefit such as payroll , companion cards , multicurrency prepaid cards , travel cards and gift cards , together with social security and other government benefit programmes such as insurance claims .”
Ndlovu says financial inclusion remains a massive challenge in the region and across the continent where millions of people are either unbanked or severely underserved .
“ With a shared objective of contributing to economic growth and financial freedom on the continent , Ukheshe and the KCB will meet the burgeoning demand for viable cash alternatives ,” he said .
In recent months , Ukheshe has ramped up efforts to establish and enhance key partnerships in Africa as the continent shifts towards digital channels , products and services across all categories .
“ Embracing a digital-first approach is not only a win for African consumers but for FinTechs , banks , payment processors , as well as issuers and merchants . Our agreement with KCB will escalate our impact in transforming the payment space while collaborating
Victor Ndlovu , Vice President of Ukheshe Africa with key industry players to stimulate the uptake of digital payments ,” added Ndlovu .
Commenting on the collaboration , Executive Director for Ukeshe Africa , Mark Dankworth , said : “ We ’ ve found a long-term strategic partner that shares our vision of simplicity and transparency in payments whilst driving financial inclusion and opening up new pathways to innovation . We look forward to a highly productive working relationship .”
Annastacia Kimtai , KCB Director Retail Banking , added : “ We are keen on continually expanding our digital offering and card business to serve customers and deepening financial inclusion . KCB has been at the forefront of digitising transactions to offer customers seamless services .”
In addition to providing FinTechs , telcos and banks with payment solutions , Ukheshe creates customer focused products and services more efficiently with its rich Eclipse API ecosystem . �
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