✉️ inbox@nafisa.co.za

Published in FM. This payment company is a disrupter: it makes it easy to make a payment without using cash, which also expands financial inclusion. By Nafisa Akabor.

Don’t have cash to pay a car guard or street vendor? uKheshe, a payment system launched last year, makes it easy to pay someone who doesn’t have a bank account — and that can include informal merchants, street vendors and car guards.

uKheshe, Zulu for cash, is able to operate without cash changing hands. Using an app: users can scan a QR code printed on a small plastic card provided with a lanyard — which can hang around the neck of a vendor — to make a payment. The receiver can use any phone to access their uKheshe account, and is able to cash out at Pick n Pay, Builders Warehouse or Pep stores.

uKheshe co-founder Jason Penton says over the past year it had signed up just under 300,000 customers, but it was forced to scale this back dramatically to comply with local banking legislation. “Banks started noticing because we were paving new ground through partnerships with Nedbank and Mastercard.”

The company had to enforce a new registration process with its entire customer base to comply with the Financial Intelligence Centre Act.

As a result it lost a quarter of that base, says Penton.

Continue reading here: https://www.businesslive.co.za/fm/fm-fox/entrepreneurs/2019-12-19-entrepreneur-jason-penton-co-founder-of-ukheshe/

About the Author

Nafisa Akabor has been connected to the internet since the mid 90s and has been blogging for more than 15 years. She made this very portal her home in 2008 so please click on all the things.

Related Posts

Published in the Financial Mail. Liberty Life’s digital piggy bank Stash offers a simple, fun and...

Each year kicks off with a bang at CES (Consumer Electronics Show) in Las Vegas, and every year...

Published in City Press Trending. If you’re starting the new year with resolutions, you would be...

Leave a Reply