Cash Is The Competition: Ukheshe’s Journey Of FinTech
From looking at innovation differently to creating an enabling environment for it to thrive, Paul Carter-Brown, CTO and Director of leading Banking as a Service and embedded finance enablement partner, Ukheshesays the company’s Eclipse platform paves the way towards a cashless future.
Innovation relies on a clearly defined, overarching strategy that outlines the broad challenges a company aims to address and the specific role it aims to play in meeting them. The difficulty lies in actualizing this vision and seeing it through from conception to a tangible product that has a positive impact. Innovation does not only involve high-level ideas, but also implementation, continuous improvement and a sustained effort throughout the process. Innovation is a comprehensive journey involving both thinking and action, with a focus on continuous progress.
Part of Ukheshe’s success in innovation can certainly be attributed to the diverse perspectives of our team. Our team engages in healthy debate that challenges conventional thinking with the aim of inspiring each other to approach problems in new ways. This approach was integral to the development of our Eclipse platform, which addresses the complex challenges of financial services. From our early days as a software consultancy, we quickly realized the value of diversity in our team and the impact it has on our business. As we continue to grow, we remain committed to hiring and empowering individuals with unique perspectives and experiences. By embracing external thought leadership and individuals who challenge the status quo, we foster an environment where innovative ideas thrive.
Current trends in Africa and emerging markets present a huge opportunity to move away from cash-based economies and create a more formal financial economy through digital payments. By including everyone in the financial system, there can be a larger tax base that will benefit the economy as a whole. This trend towards digitization is also helping to solve the huge cost problem associated with cash, and with the increasing smartphone penetration, managing finances via digital means is becoming more accessible. Ukheshe plays a crucial role in facilitating a smooth and cost-effective transition by providing the necessary framework.
An enabling environment
Being part of, and contributing to, an environment that promotes growth is part of the Ukheshe DNA and is reflected in the Eclipse platform. We are developing a technology platform that acts as the infrastructure for fintechs and banks to drive and realize their own innovative ambitions. Our platform handles everything from KYC, ledger, financial transactions, integrations, backend, payment systems and local identity systems, as there is a significant regulatory burden and compliance requirements when it comes to providing financial services. Our goal with the Eclipse platform is to provide an easy-to-use and universal solution that fosters a collaborative environment, allowing people to build and develop their innovations on top of it. By building on our platform, innovators can fully realize their great ideas while complying with relevant regulatory and compliance requirements.
An interoperable future
In the journey towards a cashless future, the replacement must be something that is universally accepted, or at least a solution that is ubiquitous in the realm in which a person makes and receives payments. Credit and debit cards have a significant advantage in their global acceptance. You can use these cards at almost any merchant, making them a reliable payment method in the formal economy. However, this is not the case for businesses that only accept cash. This is why interoperability is so crucial. Ukheshe puts a lot of effort into streamlining the process of card issuance in the new markets we are launching. Our goal is to make it a simple and affordable process for banks and fintechs to issue cards to payers. This will enable payers to easily load value onto their cards and make payments without hassle. On the other hand, we also focus on payment acceptance, helping SMEs and enterprises to accept card payments as easily as possible to ensure that cardholders can use their cards wherever they go.
Digital payments offer huge benefits such as reduced reliance on cash, better financial data and streamlined financial management. This data can also be used in future technologies such as AI and machine learning to help people manage their financial journeys. With a purely cash-based financial history, the possibilities for loans and credit facilities are limited. However, moving payments digitally creates a valuable digital path that can be used to demonstrate financial history and obtain loans, ultimately helping individuals and businesses grow in a truly digital economy.
