Mugonat Systems Inc, Zimbabwean Fintech Startup Introduces a Core Banking Platform For African Entrepreneurs
Cashlinq is a banking platform software as a service developed by Mugonat Systems Inc., a Zimbabwean software development and consultancy company that offers enterprise software solutions, website services, mobile apps, e-commerce, and chatbots.
Cashlinq aims to empower entrepreneurs across the continent to offer superior banking services by making it simple for them to access high quality flexible banking platforms.
The technology works best as a complete financial wallet solution, claims the business.
The founder of Cashlinq, Tendai Mugovi, stated that digital banking in Africa is the way of the future. According to a study by Fiserv, “78% of people under the age of 40 would stay with their bank if it went completely digital, compared to only 47% of persons over 40.” Any organization that wants to provide banking solutions should use the platform.
Despite the fact that African nations have made considerable strides in financial inclusion thanks to mobile banking services like Mpesa. Despite the advancements, most African countries still struggle with a poor banking experience. Cashlinq’s launch aims to remedy that.
According to him, Cashlinq offers a flexible price structure that is affordable for even start-ups. It is appropriate for a range of business cases, including open banking, mobile network providers, digital-only banks, fintechs, and any non-financial institutions.
The platform is intended for banks and other well-known financial organizations who want to lower licensing fees and improve transaction processing efficiency. The platform can be used to host mobile wallets and a range of low value savings and current accounts, such as Farmers, Students, and Kids accounts, in addition to other primary core systems like Temenos T24 and Oracle Flexcube.
This will ease the burden on the primary core systems, improving the efficiency of transaction processing. Costs associated with licensing essential banking software will also be decreased.
Cashlinq also enables existing banks to launch their own Banking as a Service (BaaS) platforms that provide direct access for fintechs and other businesses through APIs. Established banks are looking for a way to increase value and satisfy customers.
Such a strategy gives banks a competitive edge in the new digital era, when innovative fintech start-ups are continuously appearing.
Through Cashlinq, non-financial businesses like hotels, insurers, airlines, and retailers can now take advantage of their connection and brand value to assist customers manage their finances and/or promote greater usage of their services. Programs based on financial loyalty can also function effectively.
