Equity Group Holdings Plc has launched its fintech subsidiary, Finserve, signaling a future defined by disruptive innovation beyond the Group’s current financial services. Finserve will operate as an autonomous commercial enterprise, delivering solutions not just for Equity Group, but to the entire economy.
Through versatile payment capabilities, Finserve enabled the Bank to integrate with all major global card associations including American Express, Mastercard, Visa, JCB, Dinners and Union Pay, becoming the single largest aggregator of card payments in the region. In addition, Equity Bank has become the leader in merchant banking and agency banking. Finserve has also integrated will global fintechs like Alipay and WeChat. By integrating with remittance partners across the world such as Wave, PayPal, Equity Direct, Western Union and Money Gram, the Bank has become the leading channel for diaspora remittances. Effectively, Finserve has become the fintech convergence point for players from both the East and West.
Financial technology (fintech) is the new technology and innovation that aims to redefine the methods of delivery of financial services. Fintech is a new industry that uses technology to improve activities in the finance sector. Fintechs also enhance the usage of financial services provided by existing financial companies such as banks.
Speaking during the launch, Finserve Managing Director, Jack Ngare said that fintech will be the driver of financial solutions in the future as it makes financial services delivery better, cost-effective, safer and more secure.
During the launch, which was attended by developers, start-ups and SMEs, Finserve unveiled two revolutionary fintech solutions, the Jenga Payment Gateway and Jenga APIs.
The Jenga Payment Gateway is a breakthrough innovation created to support businesses in processing payments in the crowded East African payment space that has seen card, mobile wallet and fintech players proliferate daily. Jenga Payment Gateway consolidates all payments to the Jenga platform and presents one integration platform to businesses. To date, Finserve has offered solutions to businesses in Kenya, Uganda, Rwanda, DRC Congo, Tanzania, Ethiopia and South Sudan.
“On the settlement side, Jenga Payment Gateway allows cash-out by merchants to any bank in the world and to all mobile wallets in any of the seven countries,” said Ngare of the magic bullet that will solve the problem businesses face of having to spend a lot of time aggregating their payment platforms.
Jenga APIs provide an integrated platform for businesses to send money, buy, pay, manage their accounts, manage credit, withdraw and conduct KYC, CRB and AML querying. “You can now use over 64 fintech, regtech and insuretech APIs to power your business. Currently, Finserve reaches 4 million people daily through its APIs, working with 136 developers and SMEs,” said Ngare.