The app has seen exponential growth and doubled its customer base in the last four months, with 50% of that being achieved in the last four weeks, says the bank.
The structural separation of the fintech, fibre units is underway and both businesses will be operating companies in the next 18 months, says the company.
The bank is saving hundreds of consulting hours per month using Entersekt’s MNO authentication solution to securely verify customers making use of its interactive voice response system.
The bank, with Meltwater Entrepreneurial School of Technology, CiTi and Grindstone, will support emerging tech in Africa.
NSFAS fintech partners to challenge contract cancellations
In this week's tech news roundup, Fintech partners contracted to disburse monthly allowances to NSFAS-funded tertiary students have challenged the allegations levelled against them, saying they are considering legal action. eZaga and Tenet Technology have denied the allegations made against them and claim to not have received the full report in which these were made Stay informed and engaged with our comprehensive coverage of these stories and more on our website, www.itweb.co.za and social media platforms. Discover the latest advancements shaping the future of technology by ITWeb. #newsvideo #sita #nsfas https://www.itweb.co.za/content/DZQ58MV8yPAvzXy2 https://www.itweb.co.za/content/rxP3jqBEax8MA2ye https://www.itweb.co.za/content/xnklOvz1dnYq4Ymz https://www.itweb.co.za/content/dgp45vaBPVJ7X9l8 https://www.itweb.co.za/content/P3gQ2qGAPrg7nRD1
The bank’s digitally active clients reached 6.21 million, while logins totalled 804 million in the interim period.
The Transaction Junction Scan to Pay Dynamic QR Code is generated uniquely for each transaction and displayed on the PED, for customers to scan through the payment app of their choice.
The proceeds of the funding round will be used to expand across Africa and into other emerging markets.
Huawei Cloud drives African FinTech innovation
Mark Wang, Solution Architect at Huawei Cloud Southern Africa, spoke to ITWeb about Huawei being a strategic partner in the banking sector. He also addressed challenges for banks in SA and potential growth in the payment ecosystem for customers. #huaweicloud #fintech #digitalbanking
Botha will oversee data security, maintain stable IT infrastructure and enable Ukheshe’s business strategy.
The entire NuPay customer base has been migrated to DebiCheck and all transactions are now DebiCheck transactions.
The digital bank reached a turning point at the end of last year and expects to break even in 2024.
The start-up will use the investment to bring merchants in Africa’s informal sector into the contactless payments fold.
The company supports Floatpays in its aim to help people avoid debt and provide support to South Africans during challenging economic times.