Eclectics CEO & Founder Paul Mbugua [Photo: KBC]
Kenyan-owned financial technology firm, Eclectics International has developed Africa’s first shared agency banking system, offering services of all banks under one platform.
The platform that is also available in Uganda, has been attributed to the increased financial inclusion in the country.
This is by extending financial services to the under-banked and unbanked population, mostly in the peri-urban and the rural villages.
The firm’s CEO and founder Paul Mbugua says Eclectics Agency Banking Solution now powers one million customer transactions, valued at more than $160 million monthly.
The Eclectics Agency Banking will also incorporate a biometric and QR payment system enabling the elderly and refugees to do banking without having any education or any need for technology or National ID to make payments on the platform.
“The overall project was to integrate the Shared Agency Banking Platform with the Core Banking Systems and switches of each of the 24 banks. Integrate to almost a similar number of Card Management Systems and integrate also to the Telcos. In each of the four Telcos, we had to integrate with their; USSD platform, mobile money cash in & cash-out, which are two different APIs, SMS among other services offered.”