In an initiative that will see the growth and development of payment services within the East Africa region , leading digital Fintech platform provider , Ukheshe , has announced the conclusion of a new agreement with the Kenya-based lender KCB Bank Kenya .
AFRICA
REGIONAL CHANNELS
AFRICA
UKHESHE AND KCB IN DEAL TO BOOST EAST AFRICAN PAYMENT SERVICES
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 well-placed to address several open loop market opportunities while boosting wider consumer adoption . Payment options across various segments will benefit such as payroll , companion cards , multi-currency prepaid cards , travel cards and gift cards , together with social security and other government benefit programmes such as insurance claims .”
Ndlovu said financial inclusion remains a massive challenge in the region and across the continent where millions of people are either unbanked or severely underserved . He added : “ With a shared objective of contributing to economic growth and financial freedom on the continent , Ukheshe and the KCB will meet the bourgeoning demand for viable cash alternatives .”
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 with key industry players to stimulate the uptake of digital payments ,” notes 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 while driving financial inclusion and opening up new pathways to innovation . We look forward to a highly productive working relationship .”
“ 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 ,” said Annastacia Kimtai , KCB Director Retail Banking .
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 . •
INTELLIGENT TECH CHANNELS
INTELLIGENT TECH CHANNELS Issue 37
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