uKheshe, a fintech startup for SMEs, joined the Mastercard Start Path, an engagement programme for later-stage scaling startups.
Launched in 2014, Start Path is Mastercard’s startup engagement programme that brings together a network of innovators from across the globe to shape the future of commerce.
The programme evaluates more than 1 500 applications per year and selects around 40 companies that demonstrate a readiness to scale.
uKheshe’s QR-based technology platform helps banks and telcos provide affordable digital banking and payment services to SMEs.
Informal banking is now an accessible, untapped and lucrative growth market for banking partners, with Sub-Saharan Africa being one of the fastest-growing investment regions for fintech companies, according to uKheshe.
The six-month virtual programme provides start-ups with operational support, commercial engagement and the opportunity for strategic investment.
Clayton Hayward, co-founder and CEO of uKheshe, says its inclusion in Mastercard’s Start Path programme is an exciting and prestigious opportunity.
“Mastercard’s ecosystem, customers and innovations will assist us to continue building one of the most significant transaction platforms on the continent.”
He adds that Start Path will assist the company in further addressing the unbanked challenge faced by the continent’s population.
“We need to ensure we are able to reach these unbanked individuals and better understand, as financial service providers, why they opt to stay in the informal sector.”
According to Hayward, since launching uKheshe 15 months ago, the dearth of financial inclusion in Africa has become glaringly obvious.
While progress has been made in terms of mobile money, it’s become imperative that we move beyond that and look into digital payment solutions, he adds.
“Financial inclusion is not just about technology disruption, but more about solving greater economic problems. Consumers need simpler, more cost-effective ways to do simple tasks such as sending or receiving money and buying airtime.”
Start Path is one of the many programmes that fall under Mastercard Accelerate, which provides a single entry point to Mastercard’s wide fintech portfolio and access to everything start-ups need to grow quickly.
“After sourcing the best and brightest later stage start-ups from across the globe, we’re thrilled to welcome uKhesheto the Start Path ecosystem of innovators,” says Amy Neale, senior VP of Start Path & Fintech, Mastercard.
“The diversity in our Start Path programme proves how quickly the pace of innovation is happening and together we are building the future of commerce.”
