Pan-African Mobile Banking Solution

Mobile bank featuring cross-border payments and money transfers.

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Introduction

Today, Africa and the Middle East remain the region with around 50% of the unbanked population. Basic financial operations such as transfers, currency exchange, bill payments remain cumbersome or impossible for people living there and have limited to no access to centralized banking services.

However, with the fast-growing number of mobile users and vast internet coverage, digital banking is becoming a powerful solution for the problem. It can provide people that were traditionally excluded from the financial ecosystem with a cost-effective and convenient solution for managing their finance.

The Story

The client is set to become the dominant pan-African solution for affordable cross-border payments and bill payment by serving a much larger informal segment of the population.

Thus, the company was looking for a technology partner to build a comprehensive digital banking product for african people to enable cross-currency operations, payments, transfers and other financial services within Africa and beyond its boundaries. To fulfill such a mission it was critical to find a technology provider that had hands-on experience in tackling the high-level security standards in digital finance. Furthermore, in order to attract more customers, the usability and great user experience of the solution was highly required.

The Solution

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The client partnered with Velmie to build the desired banking solution on our core banking platform including a web interface for both admins and customers and a mobile app. Being a white-label solution, the platform’s functionality and appearance were tailored for the specific client’s requirements within just 3 months.

The architecture meets all international security standards and is PCI DSS compliant which was further certified by the client. On top of that, according to the specific requests, we built custom integrations with service providers such as MPesa, Flutterwave, Payfast, Africastalking and others. The software is ultimate enough to become a one-stop solution for various users. It supports multiple payment channels including mobile money and all major international card networks – Visa, MasterCard, Visa Virtual Card, etc.

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Multi-currency accounts

Payments

  • Mobile payment solution for merchants and customers

  • Invoices and instant transactions for products and services

  • Utility bill payments

  • Cross-border bill payments

Investment Opportunities

  • Shares, bonds, treasury bills and insurance

Currency Swap

  • Swap currencies with the community members

  • Community-governed exchange rates

  • Online exchange of african currencies at any part of the world

  • Instant money transfers with QR codes

  • P2P transfers within the address book

  • Request money from the network

Security Features

  • Role-based access control (RBAC) managed by authorized administrators

  • Authorization codes and unique login ids

  • Audit trail

As of now, the company provides an extensive range of services and financial products to cover day-to-day needs of african people and give them financial freedom.

Secure and compliant. Ready for deployment.

Advanced Financial Technology for Africa

Velmie is a global Fintech solutions vendor with a sharp focus on emerging markets. We offer a mobile banking and wallet technology crafted for Africa in terms of localization, compliance, and integrations. With us, regulated financial institutions can get a full digital ecosystem set up in weeks that includes bank transfers, identity verification, bill payments, currency exchange and more.

  • Banking solutions customized for unique business needs.

  • Reliable SLA support and ongoing maintenance.

  • Modular back-end platform for greater agility and scalability.

  • Cloud and on-premises deployment.

  • Comprehensive functionality available out-of-the-box.

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