FinServe launches as an independent company to serve the fintech space in Africa
Finserve, which is a fully-owned subsidiary of Equity Group, has launched and with it come two flagship products, new Jenga API and the Jenga Payment Gateway.
FinServe is behind a lot of the Equity bank’s fintech solutions that includes Equitel and the Equity EazzyApp mobile banking app.
The launch makes FinServe a standalone and “fintech company with a vision to power the ambitions of people and organizations beyond boundaries.”
The Jenga Payment Gateway
The Jenga Payment Gateway is a flagship product that will enable businesses to accept payments from various sources directly into their accounts.
In order to do this, the gateway will accept payments from over 180 countries and allow customers to checkout with payment providers such as Visa, Mastercard and AMEX. The payment gateway will also enable transactions via mobile money services like M-Pesa, Airtel Money, and Equitel. International digital wallets like Paypal, Alipay and WeChat Pay have also been integrated.
According to the CEO of FinServe, Jack Ngare, “Our mission is to offer cutting-edge solutions through collaboration and innovation.”
In order to do this, the Jenga API will enable developers to integrate fintech services into their apps and platforms. The APIs include mobile money services across six African countries, loans, credit facilities, and utility payments.
The Jenga API is already in operation and some of the companies that have integrated it include Kilimall and Jungle Nuts.
The Jenga APIs provide an integrated platform for businesses to manage their accounts, credit, send money, buy, pay, 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 over 4 million people daily through its APIs, working with 136 developers and SMEs,” said Mr. Ngare.
As an independent commercial subsidiary, Equity Group, and by extension, Equity Bank, becomes one of its clients for technology solutions.
Equity Bank is the second largest bank in Kenya. By integrating with global remittance partners such as PayPal, Western Union, and Money Gram, the bank has effectively become the leading channel for diaspora remittances.
“We now control 60% market share in merchant banking and payments because our universal POS converges mobile wallets, cards and digital payments meaning that merchants require only one POS.” Said, Dr. Mwangi, Managing Director and CEO, Equity Group.
FinServe will no doubt enable the financial solution provider to scale and reach an even wider market. One of these is in loan disbursements.
“Of all the loans we process, only 7% of our customers come to apply for loans in the bank. Most of them do it online. This is the impact of Technology.” Added Dr. Mwangi.
He added, “In the spirit of shared prosperity and having seen the revolutionary impact that fintech capabilities have brought to the bank, we have taken a deliberate strategy to make FinServe and independent commercial subsidiary that will focus its efforts in delivering solutions that will propel the African economy.”