Digital banking platform Ukheshe selected for Mastercard Start Path programme
DURBAN - Ukheshe, an SMME digital banking platform provider, has been selected to join Mastercard Start Path, an exclusive startup engagement programme for later-stage scaling startups.
Ukheshe’s technology platform helps banks and telcos provide affordable digital banking and payment services (BaaS). With client acquisition, onboarding and distribution costs that are a fraction of traditional merchant accounts, informal banking is now an accessible, untapped and lucrative growth market for banking partners.
Clayton Hayward, co-founder and Chief Executive of Ukheshe said that its inclusion in Mastercard’s Start Path programme is not only exciting, but prestigious for the startup.
"Mastercard’s ecosystem, customers and innovations will assist us to continue building one of the most significant transaction platforms on the continent. We need to ensure that we are able to reach these unbanked individuals and better understand, as financial service providers, why they opt to stay in the informal sector," said Hayward.
@uKheshe is excited to be chosen as one of the top startups from around the world to participate in the @MAstartpath program, here's to fostering change in Africa and creating a financially inclusive space! #fintech #gocashless #digitalpayments https://t.co/5iCQsAS8X0 pic.twitter.com/wws3TaT05B— uKheshe (@uKheshe) May 7, 2020
According to Hayward, since launching Ukheshe 15 months ago, the plight for financial inclusion has become glaringly obvious. While progress has been made in terms of mobile money, it’s become imperative that we move beyond that and look into digital payment solutions.
"It’s ultimately about inclusive economic growth and how digital financial services can play a major role in the increase of financial inclusion in Africa. With an ever-growing mobile base, Sub-Saharan Africa has the potential to lead the way, while also creating widespread economic prosperity," said Hayward.
Mastercard and the Start Path startups are a global network of innovators building the future of commerce. Start Path is one of many renowned programs in Mastercard Accelerate, which provides a simple, single entry point to Mastercard’s wide fintech portfolio and access to everything startups need to grow quickly.
Start Path convenes banks, merchants and startups to scale new technology solutions for the financial services and payments industries. The programme also provides startups with operational support, commercial engagement and the opportunity for strategic investment.
Amy Neale, Senior Vice President, Start Path & Fintech, Mastercard said, "After sourcing the best and brightest later stage startups from across the globe, we’re thrilled to welcome Ukheshe to the Start Path ecosystem of innovators. The diversity in our Start Path program proves how quickly the pace of innovation is happening and together we are building the future of commerce".
We're thrilled to officially welcome 12 new startups to the @MAStartPath network and build the future of commerce together. Read more about the later-stage tech companies here: https://t.co/P8dpeyzXYs— Mastercard News (@MastercardNews) May 6, 2020
BUSINESS REPORT ONLINE