20 micro businesses stand to win R25 000 from uKheshe

CAPE TOWN – uKheshe, South Africa’s cheapest and most convenient QR cash card and micro transaction platform, will reward 20 entrepreneurs with R25 000 this summer in its “Go Cashless” campaign.

Launched in November 2018, the uKheshe card enables consumers to make and receive payments by using a QR code card and a smartphone on which the app is installed. No bank account is required and the uKheshe wallet grows as people pay into it.

Clayton Hayward, co-founder, uKheshe, said financial inclusion remained an ongoing objective of the start-up and should become a broader concern across the continent: “As one of the key drivers working to reduce utter poverty, financial inclusion is a global issue and we are confident that our cash card approach will continue to make a positive impact.”

To encourage use and further educate the unbanked and underbanked, uKheshe has launched an inspiring competition offering R25 000 to one lucky entrepreneur each week, starting on November 8. 

“We will reward 20 entrepreneurs by the end of February for simply sharing what they do to make money and how a cash card has helped to increase revenue and enabled their micro-business to grow,” said Hayward.

Entries are pouring in with the hashtag #gocashless and businesses ranging from caterers, freelance consultants, bakers, photographers, home industries and many more are sharing their business stories. “It is heart-warming to read how the uKheshe QR cash card is helping so many diversified micro businesses prosper. There is no limit to what this solution can do for the local economy,” said Hayward.

According to The World Bank Group, in Africa alone, there are 370 million people who remain unbanked out of a population estimated to be 590 million. It was noted in a report that digital financial services, such as uKheshe, played a major role in the increase of financial inclusion in Africa.

As the number of new fintech companies has grown, so too has financial inclusion. Based on its 2017 research, financial inclusion grew by 43 percent in 2017. “While the base was low, we expect this number to increase as we head towards 2020. The uptake and interest in uKheshe leads us to believe that the sky is the limit for digital financial services within Africa. We just need to spread the word, educate and ensure that going cashless becomes part of the growing economic culture,” said Hayward.

The cash rewards will continue until the end of February 2020, at which time uKheshe will celebrate the 20 winners with an event and further announcements.

uKheshe was recently shortlisted as a finalist in the 2019 Global Fintech Hackcelerator competition.

The Global FinTech Hackcelerator 2019  Powered by KPMG Digital Village called on innovative start-ups from around the world to step forward to address the most complex challenges faced by the financial industry today.

BUSINESS REPORT

110978964 - 20 micro businesses stand to win R25 000 from uKheshe
110978964 - 20 micro businesses stand to win R25 000 from uKheshe
ClaytonHayward uKheshe2 - 20 micro businesses stand to win R25 000 from uKheshe
ClaytonHayward uKheshe2 - 20 micro businesses stand to win R25 000 from uKheshe

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