Ukheshe, after entering an agreement with KCB, will issue cards across East Africa. KCB, through the agreement, will sponsor Ukheshe’s Bank Identification Number (BIN), allowing Ukheshe to issue as soon as possible physical and virtual cards across East Africa where KCB has an extensive footprint.
Victor Ndlovu, the Vice President of Ukheshe Africa, said the deal will include other innovative digital products like QR issuing and acquiring. According to him, joining forces with KCB provides for Ukheshe a good place to address several open loop market opportunities while boosting wilder consumer adoption. In his words: “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”.
Financial inclusion is still a massive challenge in East Africa and across the African continent where millions of peopleare unbanked or severely undeserved, according to Ndlovu. He said Ukheshe and KCB, with a shared objective of contributing to economic growth and financial freedom on the African continent, will meet the growing demand for viable cash alternatives.
To Ndlovu, a digital first approach is a win for African consumers, banks, fintechs, payment processors, and issuers and merchants. He noted that Ukheshe’s partnership with KCB will excalate Ukheshe’s impact in transforming the mobile space, while working together with key industry players to encourage digital payments uptake.
Mark Dankworth, Executive Director for Ukheshe Africa, said of the collaboration that Ukheshe had found a long term strategic partner with the same vision of simplicity and transparency in payments while driving financial inclusion and opening up pathways to innovation.
“We are keen on continually expanding our digital offering and card business to serve customers and deepening financial inclusion,” said Annastacia Kimtai, KCB Director Retail Banking.
Ukheshe provides fintechs, telcos, and banks with payment solutions. The company also creates customer focused products and services more efficiently using its rich Eclipse API ecosystem.