uKheshe, a locally developed financial inclusion platform, announced on Tuesday that it has further enhanced its offering to the unbanked by collaborating with Mastercard. The partnership aims to enable informal traders, street vendors and casual labourers to accept digital payments through Masterpass, Mastercard’s digital payment service.
By combining their expertise and reach, the companies intend to boost financial inclusion, targeting the more than 11 million South Africans who are un/underbanked and remain stuck in a cash economy.
Backed by banking payments partner Nedbank, uKheshe enables people without bank accounts or smartphones to get paid in real-time through an uKheshe card, which features a Quick Response (QR) code linked to their cell phone number. To receive payments, their customers simply scan the QR code with any Masterpass-enabled app – including SnapScan and Zapper – and money is immediately transferred to their eWallets.
Clayton Hayward, co-founder of uKheshe, says that the partnership with Mastercard further enhances their offering, but most importantly, it assists in addressing the growing challenge of South Africa’s unbanked.