KENYA – UBA Kenya, a commercial bank, and Cellulant Kenya, a leading Pan African payments company, have launched a payments gateway platform to accelerate adoption of cashless payments.
The digital solution is set to help businesses aggregate payments in a single view which will assist in efficient collection, reconciliation and quick decision making.
In recent years, individuals and businesses alike have adopted digital payments reshaping the entire payments infrastructure.
“Organizations are increasingly going cashless; from global businesses such as airlines to local restaurants, or instagram businesses and schools,” said Faith Nkatha, Country Manager, Cellulant Kenya during the launch of a payments gateway in conjunction with UBA Kenya.
According to the Payments 2025 & Beyond Report by PWC, the volume of global cashless transactions is set to grow by more than 80 per cent between 2020 and 2025
“Fintechs and banks’ collaborations open more opportunities that make the movement of money easier for businesses and their consumers across all sectors of the economy,” said Nkatha.
“Our partnership with UBA in Kenya will enable merchants to receive, view, and reconcile all their payments via a single application programming interface (API), cutting out the need to sign up for multiple payment providers.”
Chike Isiuwe, CEO, UBA Kenya said: “This solution will change how individuals make payment and how merchants and institutions collect as it eases the process while also reducing transaction costs.”
UBA Kenya started operations in Kenya in October 2009 with a business focus on local and international Corporates, SME’s, Public and Private Institutions.
Over the years the Bank has grown its footprint to 5 branches across the country with recently opened branches in Nakuru and Mombasa.
“Digitisation plays a pivotal role in the financial lives of Kenyans today and the platform aligns with current customer payment behaviors and is expected to spur growth for local businesses, contributing positively to the expansion of the country’s economy,” added Chike.
Cellulant, founded in 2003, has an extensive payments infrastructure partnering with 46 mobile-money operators in Africa, 211 banks including UBA Group and serves 35 African countries with a physical presence in 18.
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