A year since launching, uKheshe, South Africa’s QR cash card and microtransaction platform, has left a significant imprint on South Africa’s unbanked and underbanked
The start-up, with more than 300,000 users to date, has forged ahead with its financial inclusion strategy, receiving high praise and global recognition.
Clayton Hayward, co-founder and CEO, uKheshe, said, “As a start-up, you never quite know how the business idea will be received, but with financial inclusion becoming both a local and global imperative, uKheshe has been embraced not only by users but the fintech market too. We could not have asked for a better first year in business.”
With a growing base of users and a diversified product offering covering cash cards, health and insurance benefits cards, uKheshe was selected as a winner of the 2019 Global Fintech Hackcelerator @ Southern Africa competition.
Making an impact within the financial inclusion sector, uKheshe took to the local streets with CGAP - a global think tank that works to advance the lives of poor people through financial inclusion.
“Witnessing the impact of digitising merchant payments enables organisations such as CGAP to fully appreciate the potential solutions like uKheshe have to make a difference and improve financial and social inclusion which is a growing concern for many countries,” said Hayward.
Aveesha Singh, consultant customer-led strategy working with CGAP in South Africa, NOTED, “South Africa’s underserved are providing services to the affluent every day. uKheshe’s service goes beyond financial inclusion to social integration amongst South Africans through ethical design and committed focus on the customer’s experience.”
Hayward said that the company will continue its efforts to address and create awareness of the importance of financial inclusion. Seeking to build the business further, he said that uKheshe will enter Series A funding round early in 2020.
