The initiative, launched by the South African Reserve Bank (SARB) and powered by fintech/bank matchmaking platform, KPMG Matchi, is a fintech acceleration programme that creates a platform for firms to demonstrate their innovative solutions to complex financial challenges in the Southern African region.
Launched in November 2018, the uKheshe card enables consumers to make and receive payments by using a QR code card and a smartphone on which the app is installed. No bank account is required and the uKheshe wallet grows as people pay into it. It’s unlike any eWallet or QR payment service as it works with an individual’s lifestyle needs, not the other way around. uKheshe is also Masterpass certified and can accept payment from Zapper and most banking apps.
More recently, uKheshe introduced affordable life and health insurance options for card holders with a range of benefits including hospital, disability, and emergency cover previously out of reach for millions of South Africans.
Clayton Hayward, co-founder, uKheshe, says that the platform aims to keep improving financial inclusion in South Africa where there are more than 11 million unbanked consumers. “Many necessary and even life-saving financial services and insurance products are simply too prohibitively expensive for low-income earners and their families. uKheshe is ideal for consumers and employers looking for an innovative and affordable alternative.”
As a shortlisted respondent in the Global Fintech Hackcelerator, uKheshe will showcase its solution at the Southern African Demo Day on 29 October 2019 in Johannesburg. The Demo Day aims to explore sustainable financial services innovations that address real-world financial services challenges.
“We are thrilled uKheshe has been acknowledged as an important contributor towards financial innovation and inclusion, particularly for unbanked and underbanked consumers. Being chosen as a finalist in this year’s Global Fintech Hackcelerator affirms our commitment to delivering easy, hassle-free and affordable fintech solutions to those that need them most,” says Hayward.