AinFin Ltd, formerly Swifin Global, a financial technology firm that enables local and cross border payments via multiple channels has raised £200K in seed investments to roll out its Swifin product across Africa and Asia.
Starting in Uganda after a partnership with Ecobank, the two aim to roll out digital transaction services across the African continent.
Dr. Linus Etube the Chief Operations Officer and co- founder added some comments on the good news: “The seed funding is a great beginning for us. We aim to see actual transaction levels reach an exponential growth within a few months after roll out. Swifin is more than just a service that addresses a significant market gap it also offers opportunities for global multi-currency transactions capability. Through our FCA-regulated subsidiary we can offer UK individual and corporate clients the ability to send money abroad within seconds – real time.”
SWIFIN provides access to online banking capability which enables users to transact and monitor all financial transactions online and also enables phone owners to use their phones together with the SWIFIN Mobile App or USSD to access banking and financial transactions services on the move. This makes access to banking and financial transaction services possible for everyone.
SWIFIN provides institutional partners NFC Cards to extend card based payment services and related programs such as loyalty programs, corporate expense management and other related staff and customer service programs..
The £200K seed investments, will help AinFin to make transactions easy even in challenging markets, hence broadening financial technology access and promoting economic activityand fueling AinFin’s ambition to provide global access to transactions services.
After the roll out of ’Swifin’ service in Uganda, the two aims to enter into other markets where Ecobank operates. Ecobank says it sees Uganda as a perfect fit to use the technology to grow its growing client base, support local economic activity and enhance financial inclusion. The bank is also banking on current reforms in Uganda on agency banking expected to boost and expand the reach of banks in the country through the use of financial technology such as that offered by AinFin.
According to Dr. Joy Braun, Chief Executive and Co-Founder of AinFin: “AinFin delivers this service in the most cost-efficient, effective and secure manner. We aim to enrich the lives of hundreds of thousands of individuals who otherwise may not have had any prospect to access financial services.”
Joy adds, “We work with the banks, not against them. Indeed we have developed a system that benefits all, from the end user to the bank”.
AinFin‘s collaborative engagement with local banks and other community based financial services institutions brings both leading technology to its partners and opens up opportunities for them to become part of a global transactions ecosystem.