By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Independent News ExpressIndependent News Express
  • Home
  • International
    InternationalShow More
    G7 finance leaders seek non-tariff consensus in Canada, may face US pushback
    Ahead G7 Summit, Finance Ministers Seek Non-tariff Consensus In Canada, May Face US Pushback
    2 weeks ago
    Over 28,000 Women And Girls Killed In Gaza Since October 2023
    2 weeks ago
    Global Aid Cut
    New Report Reveals How Global Aid Cuts Affecting Women’s Organisations Aiding Women In Crises
    3 weeks ago
    UNICEF Raises Alarm Over 14m Children Worldwide At Risk Of Malnutrition
    2 months ago
    United Nations for Women
    In 8 Days, 830 Killed In Gaza – UN Women Raises Alarm
    2 months ago
  • Africa
    Africa
    Show More
    Top News
    Tanzania: United Nations Women Strengthen Voice And Agency Of Women With Disabilities
    2 years ago
    IRC
    Conflict And Climate Change In West Africa Require Solutions To Restore People’s Right To Aid And Protection – IRC
    2 years ago
    Niger Coup: PeacePro Tackles US Institute For Singing War Song
    2 years ago
    Latest News
    Cameroon Tops List Of World’s Most Neglected Displacement Crises
    6 hours ago
    ECOWAS Marathon Race Director Okon Congratulates Commission on 50th Anniversary
    6 days ago
    Africa Day: Majority of Africans Want African Nations Be Given Greater Influence In International Decision-making Bodies
    1 week ago
    Edelman Africa Launches Regional Advisory To Support Global Institution Growth In Africa
    3 weeks ago
  • Corporate News
    • Media Outreach
  • Politics
    Politics
    Show More
    Top News
    VIDEO: Political Thugs Unleash Mayhem On Lagosians, Voters Run For Safety During Presidential Poll
    2 years ago
    Adeleke To Aregbesola: I Will Make Sure I Complete Your Govt’s Abandoned Projects
    2 years ago
    It’s Landmark Judgement, Lagos APC Chieftain, Prince Mohammed Hails Tinubu’s Victory At Tribunal
    2 years ago
    Latest News
    LG Election: Stakeholders Appeal To APC Not To Allow Chairmen Run For 3rd term
    4 weeks ago
    More APC Chairmanship Aspirants Reject Indirect Primary For Local Govt Elections In Lagos State
    1 month ago
    Youth Party Sets May 18 for Lagos LG Primary Elections, Slashes Fees For Women and PWDs
    1 month ago
    Oyo State Faces Herculean Task in Picking Makinde’s Successor – Chief Ayorinde
    2 months ago
  • News
    • Agriculture
    • Breaking News
    • Tech
    • Maritime
    • Crime
    • Art & Culture
    News
    Show More
    Top News
    Ondo Governor, Akeredolu Begins Construction Of First Flyover In Akure
    2 years ago
    Celebration Of Life: Reverend Adewumi Jegede Of Later House Of God Assembly Buried Amid Pomp
    12 months ago
    Pa Abdulfatah Amoo Ayanwale
    Pa Ayanwale Dies At 76, Fidau Prayers Holds 8 August
    2 years ago
    Latest News
    IMSUAA 2025: La-Ghost And Starblaze Could Draw Inspiration From Convention Theme
    13 hours ago
    IMSUAA 2025 Convention: Two Artistes From Lagos Chapter To Light Up Event
    1 week ago
    Lagos SWAN Celebrates Yeni Kuti On Her Special Day
    1 week ago
    Ado Ekiti Honours One of Its Own: A Tribute To Chief Tajudeen Oluyole Olusi
    2 weeks ago
  • Entertainment
    • Comedy
    • Movies
    • Music
    • Television
    • Concert & Events
    Entertainment
    Show More
    Top News
    Evergreen Music Boss Reiterates Commitment To Preservation Of Nigerian Music 
    2 years ago
    Stevetech Electrical Engineering Enterprise Boss Ties Knot With Halimat In Lagos
    2 years ago
    Quest Evicted, As Precious Mac, Victory Make Nigerian Idol Season 8 Finale
    2 years ago
    Latest News
    Nigerian Idol Season 10 Live Shows Are Underway as the Top 10 Battle for Stardom
    1 week ago
    Nigeria Strengthens Fight Against Content Piracy Through Strategic Partnerships
    2 weeks ago
    Prestige, Impact: Why AMVCA is the People’s Award Show
    4 weeks ago
    Celebrating African Cinema: AMVCA’s Growing Influence in Global Entertainment
    1 month ago
  • Lifestyle
    • Fashion
    • Love & Life
    • Food & Drink
    • Travel & Tourism
    • Relationship
    • Sex
    Lifestyle
    Show More
    Top News
    Amazing Looks Of Jennifer Lopez In Her Three Unique Wedding Gowns
    3 years ago
    NCPC, Lagos Christian Pilgrims Board Tour Israel, Jordan Ahead 2024 Pilgrimage
    12 months ago
    Isese: Court Summons IGP, Kwara Govt, Others Over Detained Traditionalists
    2 years ago
    Latest News
    Lagos SWAN Joins UN To Celebrate World Nutrition Month At Unilag Confab
    1 week ago
    Yemisi Shyllon Museum of Art and Toledo Museum of Art Launch Historic Cultural Exchange
    4 weeks ago
    Piracy in Africa’s Creative Sector: How Creators Can Protect Their Content
    1 month ago
    Fanti Carnival Returns To Lagos This Easter Sunday
    2 months ago
  • Business
    • Banking & Finance
    • Oil & Gas
    BusinessShow More
    Lagos Will Continue To Lead Initiatives That Accelerate Economic Diversification – Sanwo-Olu
    2 weeks ago
    Afreximbank
    Afreximbank Reports Strong Performance For Q1 2025 In Line With expectations
    2 weeks ago
    Pan-African Payment & Settlement System
    Nigeria Unlocks Intra-African Trade With New Pan-African Payment & Settlement System Policy Boost
    3 weeks ago
    Impact Of Online Trading Platforms Like Temu On Nigeria’s Economy
    4 weeks ago
    Unity Bank Launches GenFi, Targets Children, Teens With Gamified Banking Platform
    4 weeks ago
  • Health
    Health
    Show More
    Top News
    Merck Foundation, African First Ladies Mark World Cancer Day 2023 With 110 Scholarships Of Oncology Fellowships In 25 Nations
    2 years ago
    European Heart Rhythm Association Awards Gold Medal to Footballer Iker Casillas
    2 years ago
    Jeanne Marrazzo
    International AIDS Society Welcomes Jeanne Marrazzo As New Director of US’ NIAID 
    2 years ago
    Latest News
    Roche Launches Diagnostics Operations In Nigeria,
    6 hours ago
    Alimosho Football Coaches Council Set For Health, Safety Business Workshop
    2 weeks ago
    World Hypertension Day: Merck Foundation Commits To Improving Cardiovascular And Diabetes Care Across Africa
    3 weeks ago
    First Lady Gives Paediatric Support To Indigent Patients At Lagos General Hospital
    3 weeks ago
  • More
    • Sports
    • Aviation/Transportation
    • Deliverance Hour
    • Industry & Labour
    • Insurance
    • Interview
    • Judiciary
    • Metro
    • Opinion
    • Property
    • Religious
    • Romance
    • Science & Discovery
Reading: Ukheshe, Komuniti SA Collaborate To Make Digital Banking Services More Accessible
Share
Notification Show More
Aa
Independent News ExpressIndependent News Express
Aa
  • Home
  • International
  • Africa
  • Corporate News
  • Politics
  • News
  • Entertainment
  • Lifestyle
  • Business
  • Health
  • More
Search
  • Home
  • International
  • Africa
  • Corporate News
    • Media Outreach
  • Politics
  • News
    • Agriculture
    • Breaking News
    • Tech
    • Maritime
    • Crime
    • Art & Culture
  • Entertainment
    • Comedy
    • Movies
    • Music
    • Television
    • Concert & Events
  • Lifestyle
    • Fashion
    • Love & Life
    • Food & Drink
    • Travel & Tourism
    • Relationship
    • Sex
  • Business
    • Banking & Finance
    • Oil & Gas
  • Health
  • More
    • Sports
    • Aviation/Transportation
    • Deliverance Hour
    • Industry & Labour
    • Insurance
    • Interview
    • Judiciary
    • Metro
    • Opinion
    • Property
    • Religious
    • Romance
    • Science & Discovery
Have an existing account? Sign In
Follow US
  • Advertise
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Independent News Express > Blog > Banking & Finance > Ukheshe, Komuniti SA Collaborate To Make Digital Banking Services More Accessible
Banking & FinanceBusiness

Ukheshe, Komuniti SA Collaborate To Make Digital Banking Services More Accessible

Last updated: 2023/10/18 at 9:57 AM
2 years ago
Share
SHARE

African communities have historically found innovative ways of collaborating and combining individual financial resources for the good of the many.

Stokvels and funeral savings are just two examples of community initiatives to which everyone contributes and from which everyone benefits. These and other savings and community wealth creation mechanisms are often entered into without proper banking and financial services resources, and many individual members who contribute have no bank account.

Now, Komuniti, an app which facilitates stokvel, funeral donations, and stokvel borrowings, in addition to offering a host of other financial products and services, is set to change all that. Komuniti in collaboration with banking as a service (BaaS) and embedded finance enabler, Ukheshe bring ing digital banking to more people in South Africa.

What is Komuniti?

- Advertisement -
Ad imageAd image

Komuniti is part of the new generation of neobanks, providing a revolutionary digital banking alternative to traditional banks. Designed to empower customers through comprehensive financial solutions, Komuniti enables users to gain control over their finances, support community causes, and achieve their financial goals, all through a single app.

Neobanks are disruptors in the financial services sector – start-ups that have not had to pivot or effect a drastic digital transformation. These new financial apps and services have been built from scratch using the latest innovative technology to drive them. They offer easy, affordable, secure online financial and banking services, transforming the way people manage their money – opening up the digital global economy to those who were previously excluded.

Komuniti is filling a gap in the banking market by providing online virtual accounts, virtual payments, stokvel savings, burial books for charitable donations, instant borrowing, and convenient deposit and withdrawal options. Komuniti has created a digital financial ecosystem where those currently underserved by traditional banking can be exposed to alternative saving and income streams.

Paul Carter-Brown.

The business challenge

In today’s digitally driven world, traditional banking methods often fall short of meeting the diverse financial needs of individuals and communities. A large proportion of the African population has remained unbanked, and despite a high penetration of smartphones on the continent, many people have remained underserved by any formal financial service.

Komuniti set out to offer a solution to this challenge but faced challenges of their own early on in the development stages.

“Without investors, we struggled to raise finance but through sheer will and determination, we have raised funds ourselves from our own pockets to make Komuniti a reality,” says Nick Dutuma, one of the co-founders and CEO at Komuniti. 

In addition, the process of implementation was difficult as some of the processing of payments had to be done outside the app. “It’s difficult to build trust as a new money platform and it takes time to gain the confidence of potential new clients, so it was critical to ensure the integrity of our services from the beginning,” explains Dutuma.

Despite these challenges, Komuniti knew that it had the opportunity to take advantage of a market ripe for change. “Townships are looking for alternatives beyond banks where they can save and derive an income,” he adds.

Finding a solution

Komuniti’s founders were introduced to Ukheshe through Mastercard when they were looking for an aggregator to enable them to conduct business as a neobank. Finding alignment in their vision of providing inclusion in the digital global economy for the underserved population, the two companies are now collaborating to further democratise the financial market.

Ukheshe plays a crucial role in facilitating smooth and cost-effective transitions by providing Komuniti with the necessary framework on which to base their banking services. “Ukheshe has been an invaluable partner in our journey to democratise financial services. Their innovative framework has enabled us to bring accessible and seamless digital banking services to underserved communities, aligning perfectly with our mission to empower individuals and communities through financial inclusion,” says Dutuma.

Nick Dutuma – Komuniti

“Ukheshe’s Eclipse platform serves as the infrastructure for fintechs and banks such as Komuniti to drive and realise their own innovative aspirations. Our platform handles everything from issuing, acquiring, payment processing and digital onboarding which then facilitates know your client (KYC), ledgering, financial transactions, integrations, backend, payment systems, and local identity systems. In addition, we are able to help Komuniti meet all the regulatory and compliance requirements for their financial services offerings,” says Ukheshe’s co-founder and CTO, Paul Carter-Brown.

Ukheshe’s Eclipse platform provides a user-friendly and universal solution that is fully customisable and scalable, enabling Komuniti to use it to build and develop their innovations. “By building on our platform, innovators can fully realise their great ideas while also complying with the relevant regulatory and compliance requirements,” says Carter-Brown.

Reaping rewards

Since launching Komuniti in July 2023 and leveraging Ukheshe’s technology platform, the company is now offering four different products to 136 clients across the country. The partnership allows Komuniti to process clients’ contributions and withdrawals into stokvels seamlessly, safely and securely with transparency for all members. Additionally, clients can now conveniently lend money from their stokvels and make peer-to-peer payments.

The future 

Looking ahead, Komuniti will explore the possibility of leveraging Ukheshe’s suite of offerings which would enable Komuniti to scale into the wider African market including the informal trade sector, providing the ability to accept digital payments.

“Our solution aims to preserve the foundation that money in itself is not a measure of success, but that success is measured by the prosperity of the community as a whole, laid by past generations and bring it into the modern digital age. By democratising financial services, we enable this growth of communal prosperity,” says Dutuma.

“Our focus on financial inclusivity guides all our partnership decisions,” says Ukheshe’s Carter-Brown.  “When both parties share a common goal, in this case making banking and associated services accessible to more people, both parties, the industry as a whole and customers all benefit. These symbiotic collaborations generate a positive ripple effect within organisations, paving the way for more partnerships and exponential business growth,” concludes Carter-Brown.

Ukheshe Technologies is a leading fintech enablement partner. With a legacy in enterprise platform delivery of embedded finance it connects businesses with payment technology that changes lives and uplifts emerging markets. Ukheshe has created an extensive range of micro services that enable rapid digital transaction propositions for clients. Striving for transformation and innovation in the payment industry, Ukheshe adapts and creates components that are scalable, secure and ready to deploy in market leading digital first propositions.

You Might Also Like

Lagos Will Continue To Lead Initiatives That Accelerate Economic Diversification – Sanwo-Olu

Afreximbank Reports Strong Performance For Q1 2025 In Line With expectations

Nigeria Unlocks Intra-African Trade With New Pan-African Payment & Settlement System Policy Boost

Impact Of Online Trading Platforms Like Temu On Nigeria’s Economy

Unity Bank Launches GenFi, Targets Children, Teens With Gamified Banking Platform

INadminNG October 18, 2023 October 18, 2023
Share This Article
Facebook Twitter Whatsapp Whatsapp LinkedIn Telegram Email Print
Previous Article Homeward Bound Largest All-women Voyage To Set Sail For Antarctica
Next Article NCC Is Committed To President Tinubu’s Vision On Digital Economy – Aminu Maida
about us

Independent News Express (iNews Express), a publication of 4Ds Nigeria Limited, is birthed out of the desires of the founding fathers to report News as it is.

We value Professionalism, Excellence, Service, Creativity and Integrity.

The Company

  • Home
  • About Us
  • Contact Us
  • Privacy & Policy

Quick Links

  • Advertise with us
  • Newsletters
  • Deal

Categories

Find Us on Socials

© Independent News Express. All Rights Reserved.
Welcome Back!

Sign in to your account

Lost your password?