Johannesburg - South African digital fintech platform provider Ukheshe has sealed a deal that will see the company trailblaze the development of payment services within the East Africa region.
Ukheshe has been growing in leaps and bounds in recent years, solidifying its name within the African tech space.
The newly-announced deal with the Kenya-based lender KCB Bank Kenya will see KCB sponsor Ukheshe’s Bank Identification Number (BIN). This will allow Ukheshe to immediately issue both physical and virtual cards across East Africa where KCB has an extensive footprint.
Vice President of Ukheshe Africa Victor Ndlovu said the deal will include other innovative digital products such as QR issuing and acquiring.
“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 programs such as insurance claims,” he said in a statement.
“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,” he added.
The agreement also looks to expand KCB Bank Kenya digital offering and card business to serve customers and deepening financial inclusion with KCB at the forefront of digitising transactions to offer customers seamless services.
Executive Director for Ukeshe Africa, Mark Dankworth, said they’ve found a long-term strategic partner that shares their vision of simplicity and transparency in payments whilst driving financial inclusion and opening up new pathways to innovation.
IOL TECH