Ukheshe has partnered with Coinvest to provide a fast, reliable and secure solution to make late financial transactions seamless.
The payment solution partnership, which provides a full-scope mobile money management platform, using several Eclipse services including digital wallets, identity management (usernames and passwords), KYC, physical cards, virtual cards, and VAS delivered through a Progressive Web App (PWA), will leverage Ukheshe’s powerful Eclipse API to provide a ready-to-use payment technology services framework.
The goal is to support initiatives like the National Student Financial Aid Scheme (NSFAS) and its partners who seek to provide a better, more economically secure future for as many students as possible, providing individuals from disadvantaged backgrounds with the financial assistance they need to pursue a degree.
After Coinvest was awarded the tender by the NSFAS, Ukheshe built a unique PWA channel allowing students to receive their monthly disbursements on an NSFAS card. Explaining further, Anton Coertzen, Ukheshe CCO said:
“This solution will alleviate challenges experienced through the current allowance payment method as well as appropriately cater for the ever-increasing number of beneficiaries and large amounts of funds to be disbursed. Given the large socio-economic disparities that exist in South Africa, this project underscores the power that pioneering payment solutions can have in democratising access to financial services for people who need them most.”
Dr Artie MaCkelve, group CEO of Coinvest, added that Ukheshe was the clear choice for this project. “We are fortunate to be able to utilise the same Ukheshe technology across all our business units, giving us quite a competitive edge when it comes to revenue collections, payments and transactions, and value-added services. Some of our national projects that already use Ukheshe solutions include several SETAs, the St. Johns Apostolic Faith Mission Church, the taxi Industry, Coinvest Mobile (MVNO/MVNE with MTN) and Coinvest TV (C-Mobile and C-TV), First for Students, and many more.”
“Initially, we were unsure that one provider would be able to deliver all the solutions we needed for our diverse portfolio. However, Ukheshe’s competent team and their willingness to go the extra mile in support of anything that Coinvest throws at them has been a game changer. Such willingness to build together is not common in this industry.”
A shared vision and common goals also made the partnership a natural fit, Dr MaCkelve added: “Coinvest has ambitions to digitally enable the lower LSM market through innovative banking solutions that create economic balance and financial inclusion. Ukheshe also has inclusion front of mind. From that perspective, this was a very easy decision to make.”
Coertzen agreed: “Ukheshe’s goal, since its inception, has been to improve financial inclusion in emerging markets and contribute towards empowerment for all. Making sure students receive timeous allowances to further their education will make a tangible difference in the lives of thousands of recipients – not just now, but well into the future.
As education is one of the most powerful tools we have to develop the skills required for broader economic success, Ukheshe is incredibly proud to play a role in ensuring students have the means to achieve their academic goals and go on to have meaningful and rewarded careers that not only benefit themselves and their families but for all South Africans.”
