Kenyan Fintech Start-Up Kyanda Expands To South Africa
Kenyan Fintech Start-Up Kyanda Expands To South Africa. Kyanda, a Fintech startup, which was originally founded in Kenya, is finally expanding to South Africa. Kyanda has built a Neobank full offering through its infrastructure to serve both individuals and businesses.
The services offered cut across Utility Bill Payments, Payment Collections, Disbursements to/from Mobile Wallets, Bank Accounts, and Card payments. The required regulatory approvals in place enable the company to run as a Financial Service Provider in South Africa. Kyanda introduces a customized Mobile App for Users that allows Peer to Peer Money transfer, Making Payments, Withdrawals & deposits at any Kyanda Enabled Merchant. Its expansion which is fully bootstrap driven aims to introduce a new convenience of Mobile Money in the Bank Dominated Environment.
Over R157 billion (US$10 billion) moves between provinces every year, with people sending money to their families and friends. This is not only the result of the 7.7 million people who moved to other provinces for work, but it is the overall 24 million South Africans who send money to each other daily. To enhance its operations, Kyanda has established strategic partnerships with various Telco’s and Utility firms enabling the company to serve and process more transactions. Creating a stunning platform in a new environment requires unique customization that dims fit for the customer at hand. The company has also gone ahead and added a local customized Product known as E-Stokvel, where it is transforming the Local ‘chamas’ process of transacting into a digital way of transacting.
This has seen interest from so many Women & Men-led stokvels; where they save for their monthly groceries and perform their occasional contributions, shifting them from handling cash during their Frequent Meet-up. The Kyanda Apps are available on the Google Playstore.
