Equity Group’s Finserve has announced plans to introduce a new payment platform focussed on e-commerce and remittances markets in East and Central Africa.
The new platform will be available for both customers and merchants.
The fintech unit plans to partner with financial service providers and businesses to combine payment options across East and Central Africa into a single payment platform.
The integrated solution will be accessible through mobile apps as well as online sites.
Finserve managing director Jack Ngare said that the new platform will eliminate the need for customers to sign up for all telecoms companies and banks services.
The new Finserve payment service will be rolled out in Kenya, Uganda, Tanzania, Rwanda, the Democratic Republic of Congo and South Sudan.
Finserve is also targeting remittances market through collaborations with an undisclosed fintech company and six Ethiopian banks.
The partnerships are intended to introduce Finserve remittances platform in the country. Last year, the World Bank estimated remittances to sub-Saharan Africa at $38bn.
Ethiopia is seeking influx of forex, so things such as cross-border remittance (platforms), are very handy to them,” Ngare was quoted by Reuters as saying.
Equity Group’s Finserve was launched as an independent entity earlier this month. The fintech business has already integrated various payment providers such as Alipay, WeChat, MasterCard and Visa onto its platform.
The company is also reportedly planning for expansion into other African countries, including Nigeria and South Africa.