SA startup Ukheshe has entered a new deal with KCB Bank Kenya for a new Bank Identification Number (BIN). KCB will sponsor Ukheshe’s Bank Identification Number (BIN) number allowing this startup to issues both physical and virtual cards across East Africa where the bank has a large footprint.
The Vice President of Ukheshe Africa, Victor Ndlovu explained that the deal will include innovative digital products such as “QR issuing and acquiring.” Among the payment options, segments targeted are travel cards, gift cards, companion cards, payroll, prepaid clients, social security, and other government benefits.
The new partnership will bring about growth and development of payment services across the East African region. This is a new approach for Ukheshe that launched in 2018 as a micro-payment app that targets the unbanked community.
Ukheshe has invested in meaningful partnerships across the African continent as the continent moves towards digital channels, products, and services. In October, we covered how Ukheshe launched a new prepaid payment platform, a third-party processing service in South Africa. This was achieved through a partnership with Nedbank and MasterCard. In December, Ukheshe announced the acquisition of Otlio that provides mobile payments and banking solutions. Otlio has MasterCard South Africa on their new QR payment solution.
Last year, Ukheshe appointed Mark Dankworth as their new Africa Executive Director to focus on the cashless economy as companies adjust according to the pandemic.