Fintech Ukheshe Technologies announces boostXB joint venture with ForexPeople

SOUTH AFRICAFintech Ukheshe Technologies has partnered with ForexPeople, one of the country’s names in forex with over 20 years of experience, to seamlessly facilitate cross-border payments from South Africa into Africa.

The service will extend from South Africa to more than 40 countries across Africa, including Africa’s largest economies and the joint venture comes at a time when the demand for online money transfers is at its highest due to the Covid-19 pandemic and consumers become more comfortable with digital-first payment solutions.

Over US$48 billion are remitted throughout Africa annually, a figure which is expected to more than double in the next two years. 

Clayton Hayward, CEO, Ukheshe, said that the collaboration is a significant move for the rapidly growing solutions-driven company:

“We are overly excited to offer increased payment convenience with a seamless cross-border transfer service via boostXB. The service will enable more people to pay and get paid via their mobile devices.”

boostXB is already in partnership discussions with various institutions to extend its service offering to millions of Africans who struggle to remit cash due to the complex procedures and prohibitive costs involved.

Richard Beddow, Founder of ForexPeople, said that credible fintech propositions are tipping the market towards streamlined solutions that answer the needs of more people, who until now, have been left outside of traditional financial services:

“boostXB is a distinctly African product, answering a real demand for faster, safer and more cost-effective ways of transferring cash from South Africa across the continent.” 

boostXB will take a mobile-first approach to digitising remittances to make these services more convenient, particularly for migrant workers. In many markets across the globe, the vast majority of remittances are sent via a physical agent and is usually subject to high transfer fees. 

“This is another great move towards the greater vision of financially including more and more people across the continent,” said Hayward.

With a legacy in enterprise platform delivery in banking and telco sectors, Ukheshe has created an extensive range of micro services that enable rapid digital transaction propositions for clients.

“This is another great move towards the greater vision of financially including more and more people across the continent”

Clayton Hayward – CEO, Ukheshe

Just a few weeks ago, Ukheshe partnered with TelkomMastercard and Nedbank to create a virtual card solution that helps users complete secure eCommerce transactions via popular instant messaging platform Whatsapp, an innovation enabling Telkom clients to conduct safe payments via Whatsapp by simply using their mobile device.

The concept will empower millions of South Africans, with or without bank accounts, to access the digital economy.

In East Africa, Ukheshe signed an agreement with KCB Bank Kenya which will develop payment services across East Africa.

Under the terms of the agreement, Johannesburg-headquartered Ukheshe’s bank identification number (BIN) will be sponsored by KCB Bank Kenya, enabling Ukheshe to immediately distribute both physical and virtual payment cards across East Africa.

In March of 2021, Ukheshe and telco Infobip, developed South Africa’s very first WhatsApp payment gateway. In addition to being South Africa’s first digital wallet platform, the solution is also the first WhatsApp channel to enable payments using QR codes.

The project and collaboration with Infobip forms part of Ukheshe’s objective of expanding its international reach as a solution driven B2B provider of digital-first payment solutions that enable banks, telcos, and fintechs to provide banking and payment services to their customers through a solution called ‘Chat Banking’. 

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