Two Kenyan companies in the financial technology (FinTech) sector have signed a partnership to take green to yet another level.
MyCredit which is non-banking firm offering loans, guarantees, leasing and insurance services to Kenyans stands out in the crowded Kenyan credit field by partnering with Kibo Capital Group Limited, a Finance & Technology start up committed to Supporting Creation of Capital, Financing and Creation of real time solutions to everyday problems facing the African entrepreneur around Payments, Transfer, records preservation and retrieval.
Both firms are led by young and experienced bankers and financial industry moguls with a cumulative experience of over 50 years.
MyCredit, headed by a young and extremely talented Kenyan Wangaruro Mbira recently signed a partnership with Kibo Capital Group Limited to provide its customers with records management services; which enables end users to be issued with e-receipts for Mpesa and other transactions done on its banking systems.
Kibo, which was founded by Jasper Ochieng provides similar services to a couple of Kenyan firms leading the way for a green receipting solutions in Kenya with its paperless Mobile Money Receipts targeting banks and other transactions in the financial services and retail sector. Kenya has a vibrant FinTech sector thanks to the great success attributed to Safaricom PLC’s MPESA.
After a transaction, a message is received with a link for a receipt (picture above) . This beats the global hiccup that has hitherto hindered adoption of e-Receipts in retail industry as most customers have drawbacks as regards to sharing their emails at points of sale.
Kibo, under its service offer known dubbed PaymentGate boasts of the value to its financial records solutions as:
Proof of payment especially when you are doing a third party transactions say for school fees, making sacco or chama contributions, repaying a loan or buying something and you do not have to travel all the way to the bank or to the school to complete the transaction so as to obtain a receipt. This proof of payment payment would come in handy in warranty claims, dispute on entries among many other cases.
As opposed to where you may need to show your statements in case of a dispute or failed posting – this guarantees privacy for unrelated transactions that do not need to be shown to a third party like in this case.
This receipt is tamper proof as it can not be altered as would happen to a text being forwarded or physical receipts/Banking slips that usually get forged – QR Code helps in universal verification. For example, in the past few years, it was reported in local media houses that institutions of higher learning with its huge student population was losing millions of shillings in fake payslip scandals.
Kibo MD Jasper Ochieng believes that this particular feature in the company’s records management offering is able to curb that menace.
Ease of retrieval of the record/ease of storage and Durability- unlike the physical receipts which you throw away at the car wash- these receipts are kept safely in your app- can be retrieved by date and original full color is preserved as this is electronic.
The solution further helps in branding and providing additional information to customers and promos as well on additional products and services.-the Ad space
Jasper further argues that this ultimately solidifies the gains on digital Banking as the missing piece has always been -“Nipe Receipt”.
The MD of Kibo says that it is the interest of the company to offer sustainable business growth and as such, apart from records management solutions, the firm does other things such as sustainable investment advisory, strategic management, management consulting, business continuity and funds sourcing.
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