Fintech Layer cooperates with UBA for digital banking in Kenya

Layer is a digital transformation platform that enables large financial institutions to improve their digital customer and back office experiences. Through this new partnership, the company will add an additional 18 million users to its platform in 25 different countries. By working with Layer, the financial conglomerate will be able to offer banking services in different jurisdictions from a central platform without changing the core banking systems. Layer’s proprietary platform enables banks to offer their customers a mix of traditional and neobank functions via a single platform that is built on top of the core banking systems and connected via open source technology (APIs). The UBA has implemented all functions available on the Layer platform in order to provide end-to-end digitization of its banking services, which is made available via a new mobile app and website in 18 markets in 4 different languages.

Layer hopes to accelerate financial inclusion and digital transformation processes around the world through similar partnerships. The digital banking platform currently offers banking services to over 25 million consumers through its existing collaborations. With the increasing smartphone revolution in sub-Saharan Africa, the digital banking sector on the continent is facing a boom. While only 4 in 10 people in Kenya currently have access to smartphones, sales are accelerating, with Africa projected to account for 7.1% of the total smartphone market by 2023. This has resulted in wider adoption of digital payments in the country over the past five years, with Kenya’s National Treasury and Planning Agency finalizing a digital policy to ensure financial services are digitally connected, according to the draft Kenya National Payments System 2021-2025- Report.

This data also shows that mobile payments grew 87% between February and October 2020 with 2.8 million new mobile users. Together with McKinsey’s findings that 46% of bank customers expect to make increased use of digital or mobile services in the post-pandemic world, Layer is helping the UBA to position itself around the way it does business in Kenya and on the African continent to revolutionize. to the bank that ensures a seamless experience for employees and customers.


Source link

About Sonia Martinez

Check Also

From tender documents in containers to the digital procurement market

This is part 3 of a 3-part series. “Some companies still keep their procurement documents …

Leave a Reply

Your email address will not be published. Required fields are marked *