FEATURE : NEO BANKS 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 .
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 Cofounders 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 application . “ It is 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 .
Building the cloud platform for Komuniti
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 . The two technology companies are now collaborating to further democratise the financial market .
Ukheshe ’ s Eclipse platform serves as the infrastructure for fintechs and banks such as Komuniti to drive and realise their innovative aspirations . The platform manages everything from issuing , acquiring , payment processing and digital onboarding which then facilitates know your client , ledgering , financial transactions , integrations , backend , payment systems , and local identity systems .
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 .
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 .
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 .
Ukheshe Technologies is a 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 .
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 .
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
TOWNSHIPS ARE LOOKING FOR ALTERNATIVES
BEYOND BANKS WHERE THEY CAN SAVE AND DERIVE AN INCOME .
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