News from the Financial Inclusion Summit 2019 Fintech Cohort: Bancore

Instant smart payments reaching all of Africa

 

Bancore and Global Processing Partners (GTP) are introducing a payment concept that allows instant settlement of financial transactions to hundreds of thousands of prepaid VISA/Mastercard in Africa.

This is a major milestone, as it enables instant settlement of incoming transactions to prepaid cards and will be available to all Africans who have a mobile phone. At low cost and with participation by some of the leading remittance companies, consumers will have access to a seamless and instant smart payment platform that gives them a bank-like experience.

“Bancore and GTP started this project with a late 2017 pilot test in Nigeria, and already in 2018 we reached a transaction volume of USD 82M, says Brian Larsen, President Bancore Group. Now opening up for all of Africa, we expect this to have real impact for hundreds of thousands of Africans, who will for the first-time experience true financial inclusion”.

The new platform will be launched in Q2 2019 and will, thanks to the commitment by one of the world’s leading remittance companies, have instant impact. Later in 2019 instant virtual prepaid card issuance for payment recipients will be added to the service, thereby opening up this channel of payment to all African consumers, whether banked or not.

 

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