Cashlinq, a Zimbabwean fintech start-up, wants to help entrepreneurs all over Africa with its “easy to use” banking platform; according to him, Cashlinq was developed to satisfy not only worldwide norms but also the unique financial requirements of Zimbabweans.
Mugovi is currently serving as the chief executive officer of the software company Mugonat Systems. According to him, Cashlinq was developed not only to fulfill international standards but as well the unique financial requirements of Zimbabweans.
According to a previous report by the United Nations Capital Development Fund, the number of bank accounts in Zimbabwe increased from slightly less than 1.5 million in 2016 to approximately 8.5 million in 2020, with 5.2 million of those accounts being low-cost accounts.
Mugovi believes that digital banking is the way of the future for banking in Africa. He cites data conducted by Fiserv that found “78 percent of people under the age of 40 will stay with their bank if it became fully digital, compared to only 47 percent of persons over the age of 40.”
The Cashlinq system will assist both the rich and the needy.
Mugovi thinks that African nations have achieved tremendous progress in terms of financial inclusion thanks to the proliferation of mobile banking services like Mpesa. Nevertheless, he believes that despite the progress made, the banking experience in most African countries still has a long way to go.
He says, “Cashlinq utilizes a flexible pricing mechanism that is well within reach of even start-ups.”It is appropriate for a wide range of business cases, including fintech, open banking, mobile network operators,non-financial institutions,” digital-only banks.
Mugovi mentions Cashlinq’s several advantages before adding that mobile network operators can use the platform to manage mobile wallets of the second generation.
Ecocash and Mpesa are just two examples of companies capitalizing on the huge potential currently accessible. Cashlinq was thoughtfully crafted to deliver exceptional value to customers while simultaneously accumulating additional value for the company as a whole.
Also, Cashlinq’s target market includes well-known financial institutions that want to lower their licensing costs and speed up the way they process transactions. The so-called low-value current accounts and Mobile Wallets can be hosted on the platform, making it useful for users such as farmers, students, and youngsters under the age of legal majority.
Because of this, the load on the major core systems will be reduced, which will result in improved transaction processing performance. Movie guarantees that there will be a reduction in costs associated with licensing key banking software.
According to him, established banks looking for a way to satisfy their customers and capture additional value through the various fintech would also profit from Cashlinq.
It allows banks to begin selling their Banking as a Service (BaaS) platforms, which allow direct access for fintech companies and other enterprises using application programming interfaces (APIs).In this new digital era, where innovative fintech start-ups are continually emerging, a strategy like this gives banks a competitive advantage over their rivals.