View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
February 1, 2021

Kenyan bank partners with Ukheshe to boost East African payment services

By Mohamed Dabo

Digital fintech platform provider Ukheshe has announced the conclusion of a new agreement with the Nairobi-based lender KCB Bank Kenya.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

Through the agreement, KCB will sponsor Ukheshe’s Bank Identification Number (BIN) number. This will allow Ukheshe to immediately issue both physical and virtual cards across East Africa where KCB has an extensive footprint.

Victor Ndlovu, Vice President of Ukheshe Africa, 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. These include payroll, companion cards, multi-currency prepaid cards, travel cards and gift cards. Social security and other government benefit programs such as insurance claims will also see improvement,” Ndlovu said.

Financial inclusion remains difficult

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.

“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 on the payment space.”

A vision of simplicity and transparency

Executive Director for Ukheshe Africa, Mark Dankworth, says:

“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.”

 

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

Topics in this article:
NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Electronic Payments International