Mugonat Systems Inc , a Zimbabwean software development and consultancy firm that provides enterprise software solutions, website services, mobile apps, e-commerce and chatbots has launched Cashlinq, a banking platform software as a service aimed at empowering entrepreneurs across the continent to offer superior banking services by making it easy for them to access high quality flexible banking platform.
According to the company, the platform is best used as a full banking wallet solution.
Tendai Mugovi,the founder of Cashlinq said, “The future of African banking is digital. Fiserv research showed that “78% of people under the age of 40 would stay with their bank if it went all digital, compared to only 47% of people over 40.” This, as Africa has the youngest population in the world, with over 70% of sub-Saharan Africans being under the age of 40.
The platform is meant for any organisation that want to offer banking solutions.
Although African countries have made significant progress in financial inclusion with mobile banking services such as Mpesa. Regardless of the progress, the banking experience in most African countries still leaves a lot to be desired ,The launch of Cashlinq seeks to change that narrative .
“Cashlinq uses a flexible pricing arrangement well within the reach of even start-ups,” he says. “It is suitable for a variety of business cases such as digital only banks, fintechs, mobile network operators, open banking and any non-financial institutions.”
The platform targets banks and other established financial institutions that seek to reduce the licencing costs and to boost transaction-processing performance. The platform can be used to complement other main core systems such as Temenos T24 and Oracle Flexcube, to host mobile wallets and a variety of low value savings and current accounts e.g. Farmers, Students, and Kids etc.
This will lessen the load on main core systems thereby boosting transaction processing performance. Costs will be reduced as well on core banking software-licensing costs.
Cashlinq also allows established banks seeking a solution to capture more value and satisfy clients to start offering their own Banking as a service (BaaS) platforms that enable direct access for fintech’s and other businesses through APIs.
Such an approach creates a competitive advantage for banks in in this new digital era where novel fintech start-ups emerge constantly.
Non-financial companies such as Hotels, Insurers, Airlines, Retailers etc. Through Cashlinq, non-financial organisations can now leverage their connectivity and brand value to help customers manage their finances and or encourage better consumption of their services. Financial loyalty based programs can also be run smoothly.