Banking platform software as a service for African start-ups and established Institutions

The future of African banking is digital. A 2021 Fiserv report showed that “78% of people under the age of 40 would stay with their bank if it went all digital, compared to only 47% of people over 40”.

Africa has the youngest population in the world, with over 70% of sub-Saharan Africa under the age of 40.

African countries have made significant progress in financial inclusion with mobile banking services such as Mpesa.  Regardless of the progress, the banking experience in most African countries still leaves a lot to be desired.

A Zimbabwean firm called Cashlinq seeks to change that narrative by offering their recently launched banking platform software as a service. The Cashlinq’s main goal is to empower entrepreneurs across the continent to offer superior banking services by making it easy for them to access high quality flexible banking platform: the platform is best used as a full banking wallet solution.

The platform is meant for any organisation that want to offer banking solutions. Cashlinq uses a flexible pricing arrangement well within the reach of even start-ups.

Cashlinq is suitable for a variety of business cases such as Digital only banks, Fintechs, Mobile network operators, Open banking and any non – financial institutions.

• Digital-only banks – CashLinq is suitable for the new branch-less banks. (Challenger banks)
• FinTechs – Financial technology organizations (FinTech) transforming financial services through emerging technology in many verticals such as lending, Wealth, Payments etc.
• Mobile network operators (MNO) – through CashLinq, MNOs can run 2^nd generation mobile wallets. Success stories such as Mpesa, Ecocash etc. attest the significant opportunities available. CashLinq was uniquely designed to provide great value to clients and to capture more value for the business in the process.
• Well-established financial institutions – Banks and other established financial institutions that seek to reduce the licencing costs and to boost transaction-processing performance. The platform can be used to complement other main core systems e.g., Temenos T24 and Oracle Flexcube, to host mobile wallets and a variety of low value savings and current accounts e.g. Farmers, Students, and Kids etc. This will lessen the load on main core systems thereby boosting transaction processing performance. Costs will be reduced as well on core banking software-licensing costs.
• Open banking – established banks seeking a solution to capture more value and satisfy clients through the various fintech’s. Cashlinq allows the banks to start offering their own Banking as a service (BaaS) platforms that enable direct access for fintech’s and other businesses through APIs. Such an approach creates a competitive advantage for banks in in this new digital era where novel fintech start-ups emerge constantly.

Non-financial companies such as Hotels, Insurers, Airlines, Retailers etc. Through Cashlinq, non-financial organisations can now leverage their connectivity and brand value to help customers manage their finances and or encourage better consumption of their services. Financial loyalty based programs can also be run smoothly.