RSwitch rolls out Interoperability on Veneka Luminus Software, Extends the service to include Microfinance Institutions.
November 16, 2015 – International payments company Veneka is excited to be able to provide solutions that allow further access to financial services by non-traditional means. The company has just concluded another phase of the RSwitch interoperability project; that of integrating Microfinance Institutions into the mobile financial services ecosystem.
RSwitch, the National E-Payment Switch of Rwanda, is the first switch in East and Central Africa to attain interoperability. The company first announced the interoperability deal with telecoms companies, which enables mobile money transfers between the network operators in October 2015.
This new phase will see the integration of microfinance institutions into the interoperability platform, powered by Veneka’s Luminus software. Customers of the microfinance institutions will thus be included in the ability to transact on participating mobile money and formal banking services.
The interoperability initiative is an undertaking by RSwitch to bring together financial institutions including banks and microfinance institutions, and mobile network operators in Rwanda, thereby allowing customers to transfer money seamlessly amongst these institutions.
RSwitch says this project advances the fulfillment of one of its key mandates of integrating the country’s payments system to enable inclusion at all levels of the pyramid and reduce the cost of electronic transactions.
Mr. Daniel Barrientos, RSwitch Chief Executive Officer said, “We are delighted to offer a fully integrated platform to Rwanda’s financial institutions to further enable an all-inclusive financial industry. Our local and regional financial institutions are in for a boost.”
According to Veneka, the project will result in the extension of Rwanda’s financial hub.
“Through our work, we are striving to facilitate the creation of integrated payments systems such as that of RSwitch. This initiative is an example of our commitment to providing solutions that fulfil the developmental goal of financial inclusion on our continent,” said Managing Director of Veneka, Evans Musodza.
He says that this kind of project brings access to affordable financial services in developing countries for populations that have been traditionally excluded from such services. The platform is expected to reduce the cost of transactions as it is less costly to operate than the traditional methods of delivering financial services.
The company says the platform offers a real-time online transfer across all the participants and that money is immediately made available to recipients.
Headquartered in Kigali, Rwanda, RSwitch is a Millicom International Payments Solution Company serving as the national e-payment switch of Rwanda and driver of the SmartCash® brand enabling electronic payment settlements, interoperability and financial solutions in Rwanda and the region. RSwitch vision is Connecting ALL East Africans with ALL their e-money.
Veneka enables Card, Mobile and e-Banking payment solutions. Our software and expertise deliver payment technologies to banks and processors. We have successfully rolled out our technology in 30 African countries.
Veneka’s payments software-as-a-service platform offers hosted capability for our customer. It enables quick time to market, superior performance and service differentiation at a low cost.
Our world class infrastructure and cutting edge technology empowers African financial institutions to deliver compelling, competitive solutions to their customers. Veneka provides tailored payment technology solutions in partnership with Tieto.
2015 Veneka Roadshow: Collaboration Towards A Dynamic and Growing Payments Industry!
The 2015 Veneka Roadshow is coming to Ghana!
This is the only event where banking and payments peers can converge for a day of networking and conversation on payment solutions best practices and industry trends!
Accra, November 2015 – More than 50 participants are expected to attend the Veneka Roadshow to be held in Accra tomorrow. Veneka will be hosting the roadshow alongside its partner Tieto.
The Roadshow is an event specifically designed for banking and payments solutions practitioners and provides them with the opportunity to come together and hear about the latest innovations and trends in the payment tecnhology solutions ecosystem.
Veneka is an International payments technology solutions company based in Johannesburg, but operational in over 32 countries in Sub-Saharan Africa. Ghana has been a major partner to Veneka and the company has succesfully completed several projects in the country and has gained extensive and valuable knowledge and expertise about its needs, challenges and imperatives.
Veneka has developed a solid presence in the Gahanaian market to the extent that it has acquired a local partner. The company is looking forward to being part of the evolution of the Ghanaian payments ecosystem and to developing tailormade solutions that will deal with Ghana’s key imperatives of ensuring that the almost 70% of its population that is unbanked have access to banking services at extremely affordable rates.
“We feel firmly entrenched in the Ghanaian market and have become extremely familiar with the terrain. Our years of experience and encounters with the intricacies of the country’s banking and payments technology markets have placed us in a great position to offer relevant payments solutions in the future, and engage on some pertinent issues relating to the country’s imperatives with regard to the banking of its unbanked citizens” said Veneka MD Evans Musodza.
“We are also cognisant of the fact that the Ghanaian banking system is a tiered one with some very sophisticated clientele and have thus also been able to offer a solution that speaks to their need for world class quality services,” said Musodza
“Our partnership with Tieto also ensures that our systems comply with international business standards as Tieto is committed to leveraging on its research and development capabilites to generate distinctive value through new and improved products and innovative ways,” he said
Tieto is an IT development company and software developer which runs one of the world’s leading multinational card management systems.
Musodza says he expects the Roadshow event to be fun, interactive, inspirational and memorable and offer unmatched opportunities for the participants to engage on some of the trends affecting the sector currently including, the cashless economy and the usage of cards, mobile payments, e-commerce, a growing number of non bank offerings, as well as low cost and premium banking.
The roadshow will allow participants to share knowledge – bringing customers, prospects, and partners together for thought leadership, product demonstrations and networking. It promises to be a unique opportunity for the exchange of practical solutions for optimizing companies’ payment operations!
Veneka is an International specialist provider of Payments technology solutions, services and expertise. The company’s goal is to be a market leader in delivering relevant technology solutions and specialist knowledge in financial cards, channel banking and electronic payments primaily in developing markets where it has gained valuable experience over the years. Veneka’s products and services consist of software solutions, management consulting, and hosted application services.