FEATURE : NEO BANKS
How cloud platforms can help neo banks realise goals
Komuniti in collaboration with banking as a service and embedded finance enabler , Ukheshe , is bringing digital banking to people in South Africa leveraging the framework provided by Ukheshe .
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 . many individual members who contribute have no bank account .
Now , Komuniti , an application 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 .
In South Africa , a stokvel is an invitation-only club of people serving as a rotating credit union or saving scheme . Members contribute fixed sums of money to a central fund on a weekly , fortnightly or monthly basis . The name stokvel originates from the concept of stock fairs .
These and other savings and community wealth creation mechanisms are often entered into without proper banking and financial services resources , and
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 application .
Neobanks are disruptors in the financial services sector , start-ups that have not had to pivot or effect a
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