Ukheshe and Diamond Trust Bank Partner for East African Banking-as-a-Service Platform

South African fintech Ukheshe collaborates with Diamond Trust Bank to enhance digital banking services in East Africa.

Ukheshe is teaming up with Diamond Trust Bank (DTB) to establish a Banking-as-a-Service (BaaS) platform in East Africa. This strategy involves licensed banks integrating their digital services with non-bank offerings, enabling non-bank entities to provide digital banking services like mobile accounts, loans, and payments without acquiring a banking license. The collaboration anticipates the BaaS market to grow by 25% annually in some regions.

Mark Dankworth, President of Business Development at Ukheshe Africa, emphasizes the synergy between the two companies. The partnership allows both parties to effectively compete with leading mobile carriers in East Africa. DTB’s COO, Jamie Loden, underscores the importance of convenience in customer preferences and sees the collaboration as a means to enhance client acquisition.

The collaboration enables Ukheshe to expand into new markets and meet regulatory requirements in East Africa. The Astra platform, launched in Kenya with plans for Uganda and Tanzania, offers various payment products and facilitates regulatory approval for technology-enabled entities.

This partnership is expected to set a precedent for Ukheshe’s market expansion ambitions and promote financial inclusion through innovative digital banking services.