The fintech industry is in a period of hyper-accelerated growth, with venture capitalist investment in young fintech companies having reached record-breaking levels in 2021. A report by KPMG shows that global investment in fintech reached a record-breaking $52.3 billion in the first half of 2021, more than doubling the $22.5 billion seen in the second half of 2020.
Ukheshe is riding this wave of growth and driving it further into Africa. The market leading fintech enablement partner aims to increase its presence in Africa from the current 15 markets to 40 in the next 18 months, with an eye on establishing a footprint in West and North Africa. Expansion into the Middle East and Southeast Asia is also on the radar for Ukheshe.
"It is important to grow as quickly as we can," Ukheshe CEO Clayton Hayward says. "A rising tide lifts everyone and those who swim the fastest benefit the most".
Closer to home, there is huge potential for growth this year through the planned adoption of a rapid payments programme (RPP), an inter-banking payments system which is set to shake up the South African banking sector. The programme aims to unify the entire banking sector and modernise the industry to include those who have historically relied on cash as their primary payment method, and Ukheshe is well positioned to play a key strategic role in the programme’s adoption. Among other things, it will allow instant transfers using just email addresses or mobile phone numbers.
As Ukheshe continues to grow and expand across the globe, researching new and innovative technologies and strengthening partnerships will remain a priority to ensure its solutions are at the forefront of innovation and further drive financial inclusion. A great team is vital to achieve this, which is why Ukheshe’s key focus for 2022 will be employing the right kind of people who will contribute to its growth, who share the company’s passion to make a difference and carry the company’s values of hard work and integrity. “We plan to build our internal team with skilled, knowledgeable and proactive individuals, allowing each new member to grow into their role in a productive and constructive way,” concludes Hayward.