South African Banking as a Service (BaaS) and embedded finance enabler Ukheshe has partnered with Diamond Trust Bank (DTB) to provide an innovative BaaS platform in East Africa.
Ukheshe is a leading fintech enablement partner, with a legacy in enterprise platform delivery of embedded finance. It has created an extensive range of micro-services that enable rapid digital transaction propositions for clients.
BaaS, the provision of banking products and services through third-party distributors, is expected to grow at a compound annual growth rate of a whopping 25 per cent in some markets, and this new partnership between Ukheshe and DTB will see both parties “get ahead of this rapid growth curve”.
Mark Dankworth, president of business development at Ukheshe Africa, said the company was thrilled to partner with DTB as a progressive bank that shared its vision for BaaS.
“Ukheshe had been looking for a banking partner in the region, and when we met with DTB to explore these opportunities, several synergies immediately came to light. When I first met Jamie (Loden), the COO of DTB, he said, “We are striving to be a technology company with a banking licence”. I knew then that we had the technology and DTB had the licence. We’re extremely excited to enable DTB to launch some innovative endeavours within the East African market,” he said.
Loden said the market was ready for new offers.
“Consumers are becoming more aware of the options in the market and are starting to favour convenience over cost. This creates new opportunities for agile BaaS models,” he said.