File picture: Keith Srakocic/AP
File picture: Keith Srakocic/AP

Ukheshe set to acquire Oltio from Mastercard

By Floyd Matlala Time of article published Nov 23, 2020

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One of Africa’s groundbreaking digital fintech companies Ukheshe is set to acquire Oltio from Mastercard. The digital payments platform which supports Masterpass and Mastercard’s QR payment service in South Africa enables people to safely pay for a wide variety of purchases with their bank card by scanning a QR code with their mobile phone.

The emerging tech platform which seeks to help banks & telcos provide SMME’s affordable digital Banking & Payment services has recently announced the new deal, saying it will strengthen its partnership with Mastercard.

Ukheshe CEO Clayton Hayward said Oltio is a natural fit for the company given its proven track record of developing mobile-centred solutions and the fintech’s strong existing partnership with Mastercard.

“Digital-first solutions for consumers remain a key priority and by enabling different customer segments as part of our ongoing partnership with Mastercard, Ukheshe is well placed to continue providing fintechs, telcos and banks with payment solutions, and services that will further deepen financial inclusion in South Africa,” he said.

Country manager at Mastercard South Africa Suzanne Morel, said the collaboration builds on the momentum of their QR work in South Africa and deepens their collaboration with fintechs.

“We look forward to combining our global network with Ukheshe’s local understanding of consumer and SME pain points to provide consumers and businesses with safe and seamless payment experiences,” she added.

Ukheshe has an established partnership with Mastercard, as it is a participant in Mastercard’s Accelerate programme. The programme offers an access point to tap into Mastercard’s technology, data, expertise and global network of corporates and fintechs to help scale its operations globally.

IOL TECH

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