AinFin teams up with Ecobank to roll out SWIFIN digital transaction services across Africa
6 November, Uganda:
E-money provider AinFin has today announced a partnership with pan-African bank Ecobank to launch its services ‘SWIFIN’ across the African continent, starting with Uganda. By broadening access to the latest financial technology, the partnership will boost economic activity by providing financial liquidity and a democratized banking service to the 84% of the population in remote, unbanked communities.
Based at Level39 in Canary Wharf, AinFin has developed Swifin, a mobile network agnostic, multi-channel and cross-border platform which has the potential to provide global access to transaction services. The service will enable consumers to receive payments from third parties, manage their finances and execute digital payment transactions with merchants or individuals, in real-time.
Within the first year of launching, AinFin aims to reach almost one million users, with a particular focus on reaching the 77% of the population in Uganda without access to financial services. The service will support a global push involving businesses, financial institutions, governments, the United Nations and community leaders to scale up access and to help alleviate poverty, boost job creation and directly help disadvantaged people manage risk and absorb financial shocks.
The current reforms in Uganda are expected to boost and expand the reach of banks in the country, using financial e-money products such as Swifin. Ecobank is at the forefront of this reform and is actively using mobile banking technology in Nigeria, Ghana, Côte d’Ivoire, Kenya and Tanzania.
Dr. Joy Braun, Chief Executive and Co-Founder of AinFin, said: “AinFin delivers this service in the most cost-efficient, effective and secure manner. We are working with, rather than in competition with banks to develop a system that benefits all, boosting client reach for established financial players and enriching the lives of millions of ‘unbanked’ end users. Swifin has an important role to play in addressing the development challenges of many emerging markets, filling a significant market gap by offering global multi-currency transactions capability.”
Ecobank remains at the fore front of enabling the economic transformation of Africa and financial inclusion. The bank remains focused on providing wholesale and retail banking products that are tailor made to suit customers’ needs. This partnership with Swifin further augments our mission in Africa.
NOTES TO EDITORS:
AinFin Ltd is a financial technology company that enables both the banked and unbanked to participate in a truly distributed banking service. The company has developed Swifin, a state of the art, open digital financial transaction services platform. AinFin supports all types of local and cross-border payments, including P2P and ecommerce in a safe, fast and efficient way.
AinFin is a member of Level 39, the largest technology accelerator in Europe located in the famous One Canada Square, Canary Wharf, London, United Kingdom.
About Ecobank Uganda
Ecobank Uganda is a subsidiary of Africa’s leading independent banking group, Ecobank Transnational Incorporated (ETI), incorporated as a public limited liability company on October 7, 1986 in Togo-Lome
Ecobank Uganda is a full-service bank providing wholesale, retail, investment and transaction banking services and products to individuals, governments, financial institutions, multinationals, international organizations, medium, small and micro businesses. With a network of 13 branches, 36 offsite ATMs, a robust internet banking system and several point of sale in Uganda, Ecobank boosts as a technologically savvy bank that continues to enhance its service delivery.
About Ecobank Group
Incorporated in Lomé, Togo, Ecobank Transnational Incorporated (‘ETI’) is the parent company of the leading independent pan-African banking group, Ecobank. It currently has a presence in 36 African countries, namely: Angola, Benin, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Congo (Brazzaville), Congo (Democratic Republic), Côte d’Ivoire, Equatorial Guinea, Ethiopia, Gabon, Gambia, Ghana, Guinea, Guinea Bissau, Kenya, Liberia, Malawi, Mali, Mozambique, Niger, Nigeria, Rwanda, Sao Tome and Principe, Senegal, Sierra Leone, South Africa, South Sudan, Tanzania, Togo, Uganda, Zambia and Zimbabwe. The Group employs over 20,000 people in 40 different countries in over 1,200 branches and offices. Ecobank is a full-service bank providing wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organisations, medium, small and micro businesses and individuals.