#40days40fintechs: Beyonic is at the centre of facilitating a shift to a cashless Uganda

1337
2932

By Our writer

While Uganda started efforts to boost a cashless economy over a decade ago, majority of Ugandans still prefer cash.

Available statistics indicate that about 99 per cent of the economy is cash-based and only 1 per cent is cashless.

However, over the years, several Financial Technology Companies (FinTechs) have heavily invested in helping Ugandans shift from a cash to a cashless economy.

Among them is Beyonic, one of the leading fintech integrators in Africa that aims to eliminate dependency on cash by helping businesses quickly set up and manage digital payments.

The software company entered the Uganda market at the end of 2005 but started operations at the beginning of 2006.

Seeking to answer the question of accountability for organizations and donor bodies, the software company thought of ways of further supporting companies better manage their finances – income and expenditures by setting up a mobile payments platform in 2012 thus unlocking clean, safe, transparent cashless management of project and enterprise budgets.

“There are challenges for use of cash by organizations. Beyonic came to help institutions reduce the use of cash in all their systems. We are here to support and promote a cashless efficient economy,” Ian Mubiru, the Beyonic Country Director said.

He added: “As the fintech space matured, the contrast between the simplicity promised by a digital ecosystem and the cost, complexity, and risk of cash payments became increasingly stark. Payments are hard; especially in emerging markets, and particularly in the last mile. Thus, Beyonic set out to make them easy.”

According to Mubiru, Beyonic is helping free its clients from non-core roles so as to focus on making their businesses and communities thrive.

Its solutions include access, data house and pricing services.

Under Beyonic access, it enables instructions to access over 26 telecoms from across nine countries in Africa. This means that once one connects to the Beyonic platform, they will have access to over 26 networks in the nine countries including Uganda, Ghana, Rwanda, Tanzania and Kenya, among others, from a single sign-on.

In 2018, Beyonic processed close to 10 million mobile money transactions across its system.

Beyonic was also selected as the Instant Payment Notification (IPN) Hub successor entity, effective May 1, 2020, and it is responsible for all ongoing operational aspects of the IPN Hub including future growth.

The IPN Hub was developed by the GSMA in partnership with the United Kingdom Department for International Development (DFID) and MasterCard Foundation, to provide a single point of integration between mobile money networks and PAYG service providers in Sub-Saharan Africa, accelerating reliable access to utility services at the last mile.

Following the successful piloting and scaling of the IPN Hub, the GSMA elected to transition it to an entity that would continue to scale it sustainability and after a rigorous selection process, it was awarded to Beyonic.

The Data House solution on the other hand is used to store data that can be used for planning purposes by their different clients.

Mubiru said that a lot of data is out there but it is not well organised, thus Beyonic helps companies store and make sense of such data.

Under the pricing services, Mubiru said: “Payments and pricing continues to change over time. At the beginning of our journey, we were just supporting organizations but with time we found out that there was need to support fintechs and other players.”

“We had already developed a lot of application program interfaces (APIs) so we decided to open them up for anyone that needed to use them. We made sure that our APIs integration is as short as possible,” he said.

While others take three months to integrate, Mubiru said they ensured that theirs takes less than a month.

He said their APIs are being used by multiple partners including fintechs, e-commerce players, among others.

While they currently operate in nine countries, Mubiru said the plan is to cover over 20 countries by 2023.

Majority of its clients are women, mostly in agriculture. It is also working with a number of Saccos that offer loans to farmers.

Beyonic is among the firms taking part in the 40-days-40-FinTech initiative, organised by HiPipo under its Include EveryOne programme, in partnership with Crosslake Tech, ModusBox and Mojaloop.

The initiative seeks to enable FinTechs to innovate solutions that facilitate cross-network financial transactions at minimal risks to enhance access to financial services.

The initiative will see the participating 40 FinTechs acquire interoperable development skills to improve access to financial services, using the Mojaloop open source software.

Mubiru applauded HiPipo for the 40-days-40-fintechs initiative, saying the discussion of interoperability with Mojaloop is timely, as the market needs as much solutions as possible.

The HiPipo CEO – Innocent Kawooya said that Beyonic has played a great financial inclusion role in the markets where it operates.

“We are glad that the Beyonic products and services are impacting thousands of people at the last mile. It fits well in the 40-days- 40-fintechs initiative because theirs is a prime story that is transforming the financial sector,” Kawooya said.

He added: “Going forward, as stakeholders we must collaborate and together develop products and services that serve our people. Alone, we may fail, but as a group, we shall overcome all road blocks and collectively serve our people.”

In addition to the 40-days-40-fintechs initiative, HiPipo is also organizing a Fintechs Landscape Exhibition in mid July 2020.

1337 COMMENTS

  1. [url=https://edpillscanada24.com/#]buy medication online[/url] – cure for ed
    [url=https://zithromax10.com/#]can you buy zithromax over the counter[/url] – generic zithromax 500mg india
    [url=https://lasixtop.com/#]furosemida 40 mg[/url] – lasix generic

  2. [url=http://clomid10.com/#]where to buy clomid[/url] – clomiphene for sale
    [url=http://amoxil1000.com/#]amoxicillin no prescipion[/url] – order amoxicillin online uk
    [url=https://lasixtop.com/#]lasix uses[/url] – generic lasix

  3. Taxi moto line
    128 Rue la Boétie
    75008 Paris
    +33 6 51 612 712  

    Taxi moto paris

    Hi! Quick question that’s totally off topic. Do you know how to make your site mobile friendly?
    My blog looks weird when viewing from my apple iphone.

    I’m trying to find a template or plugin that might be able to correct
    this problem. If you have any suggestions, please share.
    Cheers!

  4. Excellent post. I was checking constantly this blog and I am impressed!
    Very helpful information particularly the last part :
    ) I care for such information a lot. I was seeking this particular info for
    a long time. Thank you and best of luck.

  5. I must thank you for the efforts you have put in writing this website.
    I am hoping to check out the same high-grade content from you later on as well.
    In fact, your creative writing abilities has inspired me to get my own, personal website now ;
    )

  6. Greetings! I know this is kind of off topic but I was
    wondering which blog platform are you using for this site?
    I’m getting fed up of WordPress because I’ve had issues with hackers
    and I’m looking at alternatives for another platform.
    I would be awesome if you could point me in the direction of a good platform.

  7. [url=https://kloviagrli.com/]viagra at walgreens[/url] [url=https://vigedon.com/]viagra 200mg[/url] [url=https://llecialisjaw.com/]cialis price costco[/url] [url=https://jwcialislrt.com/]cost of cialis without insurance[/url] [url=https://jecialisbn.com/]cialis and high blood pressure[/url]

  8. [url=https://ljcialishe.com/]buy cialis without prescription[/url] [url=https://cialisvja.com/]where to buy cialis over the counter[/url] [url=https://viagraonlinejc.com/]is viagra bad for you[/url] [url=https://viagratx.com/]viagra samples walgreens[/url] [url=https://buycialisxz.com/]cheap cialis[/url]

  9. When is the outwit pass‚ of day to take Clomid? In theory, steal the clomid side effects after ovulation at the just the same time every day. Some report that intriguing the pill ahead of bed can mitigate you sleep from stem to stern some of the side effects. Others do better if they arrogate the pill in the morning. If you have another Clomid circle, you can try entrancing it at a different time of day

  10. Hi! I’ve been following your blog for a long time
    now and finally got the bravery to go ahead and give you a shout out from
    Dallas Texas! Just wanted to mention keep up the excellent job!

  11. What fruit is a expected over the counter viagra substitute. Watermelon may be a customary Viagra, says a researcher. That’s because the celebrated summer fruit is richer than experts believed in an amino acid called citrulline, which relaxes and dilates blood vessels much like canadian viagra viagra otc and other drugs meant to explore erectile dysfunction (ED).

  12. Is there phony Cialis. For a widely marketed drug like Cialis that can be quite precious, it’s upper-class to be aware that counterfeits exist. Cialis counterfeits that contain unconfirmed ingredients be experiencing made headlines before. And these days, medication prescribing is becoming more habitual online, where humbug is about every corner.

  13. Hello would you mind sharing which blog platform you’re working with?

    I’m going to start my own blog in the near future
    but I’m having a difficult time selecting between BlogEngine/Wordpress/B2evolution and Drupal.
    The reason I ask is because your layout seems different then most blogs and I’m looking for
    something completely unique. P.S My apologies for being off-topic but
    I had to ask! 0mniartist asmr

  14. My family members all the time say that I am killing my time
    here at web, but I know I am getting familiarity all the time by reading thes pleasant articles or reviews.
    asmr 0mniartist

  15. I loved as much as you’ll receive carried out right here.

    The sketch is tasteful, your authored subject matter stylish.
    nonetheless, you command get bought an nervousness over that you wish be delivering
    the following. unwell unquestionably come further formerly again since
    exactly the same nearly a lot often inside case you shield this
    increase. 0mniartist asmr

  16. Admiring the time and energy you put into your site and detailed information you present.
    It’s great to come across a blog every once in a while
    that isn’t the same old rehashed information. Great read!
    I’ve bookmarked your site and I’m adding your RSS feeds to my Google account.
    asmr 0mniartist

  17. I blog frequently and I genuinely thank you for your information. This article has really peaked my interest.
    I will bookmark your blog and keep checking for new details about once per week.
    I subscribed to your Feed as well.

  18. Right here is the perfect website for everyone who
    hopes to find out about this topic. You understand so much its almost hard to argue with you (not that I personally will need
    to…HaHa). You certainly put a new spin on a topic that’s been discussed for
    a long time. Wonderful stuff, just great!

  19. Its like you read my mind! You appear to know so much about this, like you wrote the book in it or something.
    I think that you could do with some pics to drive the message home a little bit, but other than that,
    this is fantastic blog. A great read. I’ll certainly be back.

  20. I’m extremely impressed along with your writing skills
    as well as with the structure on your weblog. Is that this a paid topic
    or did you customize it yourself? Anyway keep up the nice quality writing, it is rare to look a great
    weblog like this one these days..

  21. monthly cost of cialis without insurance ed pills – п»їhow much does cialis cost with insurance
    cialis online without prescription

  22. Hi, I do believe this is an excellent site. I stumbledupon it 😉 I’m going to revisit once again since I book marked it.
    Money and freedom is the best way to change, may you
    be rich and continue to guide other people.

  23. My partner and I stumbled over here different page and thought I
    might check things out. I like what I see so i am just following you.

    Look forward to looking at your web page again.

  24. I am actually pleased to glance at this webpage posts which includes tons
    of useful data, thanks for providing these
    kinds of data.

  25. Every weekend i used to pay a quick visit this web page, for the reason that i wish
    for enjoyment, as this this web page conations actually
    pleasant funny information too.

  26. Have you ever heard of second life (sl for short). It is essentially a game where you can do anything you want. sl is literally my second life (pun intended lol). If you would like to see more you can see these sl websites and blogs

  27. scoliosis
    Simply wish to say your article is as surprising.
    The clarity in your publish is just excellent and i can suppose you are an expert in this subject.

    Well with your permission let me to grab your RSS feed to stay updated with coming near near post.

    Thank you a million and please keep up the enjoyable work.
    scoliosis

  28. free dating sites
    With havin so much written content do you ever run into any issues of plagorism or copyright infringement?
    My website has a lot of unique content I’ve either authored myself or
    outsourced but it seems a lot of it is popping it up all over the internet without my permission. Do you know any techniques to
    help reduce content from being stolen? I’d certainly appreciate
    it. free dating sites

  29. Unquestionably believe that that you said. Your favourite reason appeared to be
    on the web the easiest factor to keep in mind of. I say to you, I definitely get
    irked at the same time as folks think about concerns that they plainly do not realize about.

    You controlled to hit the nail upon the highest and outlined
    out the whole thing without having side effect , other folks can take a signal.
    Will likely be again to get more. Thank you

  30. certainly like your web site however you need to take a look at the spelling
    on quite a few of your posts. A number of them are rife with spelling problems and I find it very bothersome
    to inform the reality nevertheless I’ll definitely come back again.

  31. Hey There. I discovered your blog the use of msn. That
    is a very neatly written article. I will make sure to bookmark it and come back
    to learn more of your useful info. Thanks for the post. I’ll definitely comeback.

  32. Excellent items from you, man. I have take into accout
    your stuff previous to and you are simply too fantastic. I actually like what you’ve acquired right here,
    really like what you’re stating and the way by which you are saying it.
    You make it entertaining and you still take care
    of to stay it smart. I can not wait to read much more from you.
    This is actually a wonderful web site.

  33. Howdy excellent website! Does running a blog such as this take a great
    deal of work? I’ve virtually no knowledge of coding however
    I was hoping to start my own blog soon. Anyways, should you have any ideas or tips for new
    blog owners please share. I understand this is off subject nevertheless I simply had to ask.
    Thank you!

  34. It’s appropriate time to make some plans for the future and it is time to be happy.
    I have read this post and if I could I wish to suggest you few interesting things or tips.

    Maybe you could write next articles referring to this article.
    I want to read even more things about it!

  35. Have you ever heard of second life (sl for short). It is essentially a game where you can do anything you want. Second life is literally my second life (pun intended lol). If you want to see more you can see these second life articles and blogs

  36. I just couldn’t go away your site before suggesting that I actually loved the usual info an individual provide to your guests?
    Is going to be back steadily in order to check up
    on new posts

  37. Hi would you mind letting me know which hosting company you’re working with?
    I’ve loaded your blog in 3 different web browsers
    and I must say this blog loads a lot faster
    then most. Can you recommend a good internet hosting provider at a honest
    price? Thank you, I appreciate it!

  38. Have you ever heard of second life (sl for short). It is essentially a online game where you can do anything you want. SL is literally my second life (pun intended lol). If you want to see more you can see these second life authors and blogs

  39. I’ve been surfing online more than 4 hours today, yet I never found
    any interesting article like yours. It’s pretty worth enough for me.
    In my view, if all site owners and bloggers made good content as you did, the web will be a lot more useful than ever before.

  40. I hasve beenn browsig onlinme more than 2 hours today, yeet
    I never founnd aany interesting artiucle like
    yours. It is peetty woeth enouggh foor me. In mmy opinion, iif alll
    webmasters aand bloggers mwde gookd content aas yyou did, tthe net will bbe a llot moe usefful thn eger before.

  41. Ahaa, its fastidious conversation concerning this article at this place at
    this blog, I have read all that, so now me also commenting at this place.

  42. Thanks, I’ve just been looking for information about this topic for a while and yours is the greatest I’ve came upon so far. But, what in regards to the bottom line? Are you positive concerning the source?

  43. Unquestionably believe that which you stated. Your favorite
    justification seemed to be on the web the simplest thing to be aware of.
    I say to you, I certainly get irked while people
    think about worries that they just do not know about.
    You managed to hit the nail upon the top and also defined out the whole thing without having side-effects , people can take a signal.

    Will probably be back to get more. Thanks

  44. Howdy just wanted to give you a quick heads up. The text
    in your content seem to be running off the screen in Ie.
    I’m not sure if this is a format issue or something to do with web browser compatibility but I figured I’d post
    to let you know. The design and style look great though! Hope you get the problem fixed soon. Cheers

  45. It’s the best time to make a few plans for the longer term and
    it’s time to be happy. I’ve read this post and if
    I may just I desire to recommend you some interesting things or tips.

    Perhaps you can write next articles regarding this article.
    I want to read even more issues approximately it!

  46. I have been surfing online more than 3 hours as of late, yet I by no means found any interesting article like yours.
    It’s pretty price sufficient for me. In my view, if all web
    owners and bloggers made just right content as you probably
    did, the internet will likely be much more helpful than ever
    before.

  47. After I initially left a comment I seem to have clicked on the -Notify me when new comments are added- checkbox and now every time a
    comment is added I recieve 4 emails with the same comment.
    There has to be an easy method you can remove me from that service?
    Kudos!

  48. Hello, i read your blog from time to time and i own a similar one and i was just wondering if you get a
    lot of spam feedback? If so how do you protect against it,
    any plugin or anything you can recommend? I get so much lately it’s driving me crazy so any assistance is very
    much appreciated.

  49. Hi there! This post could not be written any better! Looking at this article reminds me of my previous
    roommate! He constantly kept preaching about this.
    I will forward this post to him. Pretty sure he’ll have a very good read.
    Thank you for sharing!