Local fintech firm, Ukheshe, recently announced a new partnership and solution that South African small businesses will likely be interested in. The partnership is with Mastercard and Nedbank, with the latter helping to power Ukheshe’s new prepaid payments programme.
This programme will specifically enable digital payments for small businesses which did have them in place previously, by providing access to prepaid and virtual cards. These kinds of offerings were normally reserved for large enterprises, but Ukheshe says its new solution democratises these types of financial services.
The company notes that its partnership with Mastercard means that it can now leverage Mastercard Processing, which enables it to launch secure prepaid payments programmes to its customers with greater speed, flexibility and convenience.
“From providing a path to financial inclusion to the underserved to acting as a safer, more convenient payment option while travelling, or enabling people to shop online, prepaid payments have a broad appeal and room for growth in South Africa. For businesses, this offers a more secure and trackable way to pay for things. It will also help to eliminate fraud while also making arduous administration tasks much easier to manage and reconcile,” explains Ukheshe CEO, Clayton Hayward.
As for Nedbank’s role in this newly forged partnership, it notes that these kinds of digital solutions are a fundamental part of its focus to deliver services to a wider segment of the country.
“Nedbank is committed to harnessing our digital leadership position to deliver significant value to our clients by enabling them to develop good money behaviours and maximise the benefits their finances can unlock in their lives,” adds Chipo Mushwana, divisional executive of emerging payments.
To find out more about Ukheshe’s new Third-Party Processing Services (TPPS) solution, head here.