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GladePay’s Digital Bank Targets African Micro-SMEs
Lagos,Nigeria: 2/5/2020– GladePay journey began a couple of months ago with a passion to provide Payment Infrastructures that will enable seamless transactions between businesses and customers via API integration. Since then we have learned the difficulties small businesses go through accessing banking services with incumbent providers.
With this knowledge, we have put in a lot of work to build a digital banking platform that eliminates these difficulties in accessing financial services by Micro-SMEs.In today’s constantly changing world, it has become imperative that businesses evolve alongside digital solutions to meet their ever-changing needs. For GladePay, identifying what is the priority is paramount. This enables us to properly design our products and services to match this behavior and offer an interactive user experience that meets and exceeds digital expectations.
GladePay is pleased to introduce a Digital Bank to meet the needs of Micro-SMEs. This is nothing short of exciting. It is banking made easy for small businesses to leverage this dynamic digital banking platform to grow their businesses. It is accessible any time and anywhere on the web and mobile app. Branchless banking is truly the future. This banking platform is GladePay’s latest end-to-end digital bank and payment solution designed to meet the changing market demands for small businesses.
The platform comes with features ranging from;
- Simple onboarding in less than 3 minutes.
- Current Account – Create multiple business current bank accounts from different countries.
- Deposit – Accept deposit into your account from any banking platform (web/ mobile banking)
- Fund Transfer – Send money anywhere at a low rate.
- Payments – Accept online and in-store payment from multiple payment methods.
- Settlement – Receive instant settlement on your transactions
- Credits – Access loan to grow your business with a low-interest rate.
- Overdraft – Access funds to manage monthly expenses.
- Staff Payroll – Employee’s payment and management.
- Vendor Payment – Easily pay and manage your vendors.
- Card – Create a Free physical & virtual card to manage your business expenses.
- Bills Payment – Utility payment for your business.
- Tax – Easily calculate and manage your tax payments.
- Expenses – View and manage your expenses seamlessly.
- Insight – In-depth analysis of your business and customers’ report.
Our vision is to build a modern bank that suits your lifestyle and business growth. Open a current account or download the mobile app for your business today and let GladePay take you on a new digital banking ride.
GladePay – Beyond payments, more than a bank
Hesham Zreik, CEO of FasterCapital (Photo: Supplied)
In a rapidly evolving global economy, Africa stands at the cusp of innovation in entrepreneurship. That said, with a growing population that now comprises youthful individuals who can be more technology-savvy, the nascent startup scene is about to take place across the continent. To understand the landscape of African entrepreneurship, Alaba Ayinuola of Business Africa Online (BAO) spoke with Hesham Zreik, CEO of FasterCapital, an online incubator and accelerator interested in startups from all over the world. Zreik is passionate about the challenges and opportunities on offer within the African startup ecosystem, regarding the role of mentorship, and access to funding. Excerpt.
Alaba: Thank you for joining us, Hesham. Let’s dive into the current state of startups in Africa. What do you see as the most significant opportunities for entrepreneurs on the continent?
Hesham: Thank you for having me! Africa is currently experiencing a surge of creativity primarily fueled by advancements in technology. These developments present opportunities across fields such as financial technology (FinTech), health technology (HealthTech) and online commerce (E-commerce). Young business owners are using technology to address challenges – be it enhancing financial access or improving healthcare services. The need for innovations is constantly increasing, reinforcing an environment for startup ventures.
Alaba: While there are many opportunities, challenges still exist. What do you believe are the primary hurdles facing African startups today?
Hesham: The opportunities are great, but so are the challenges. Aside from access to funding, a fact to which many entrepreneurs will readily attest, access to funding remains a big barrier. Traditional banks often avoid lending to startups with unproven track records. Finally, there is still a need for more mentorship and networking that better equips entrepreneurs with ways to navigate the nuances of building a business. It’s time organizations should intervene and offer any help needed, which is what we are trying to do at FasterCapital.
Alaba: Speaking of support, how does FasterCapital specifically empower African startups?
Hesham: At FasterCapital, we have been working extensively with startups through mentorship, technical support, and funding opportunities. A different model of ours is the ability to work with entrepreneurs virtually, which would also avoid geographical boundaries. Moreover, we have a huge network of mentors who would give guidance at each step of development, from marketing to product development.
Alaba: Collaboration seems vital in this space. Can you elaborate on the importance of partnerships for startups?
Hesham: Partnerships are essential for startup growth. They provide access to new markets, resources, and expertise. For example, when a startup collaborates with established companies, the infrastructures already exist, as does an existing customer base; this substantially reduces entry barriers. We encourage our portfolio companies to pursue partnerships actively because they can foster innovative solutions and sustainable growth.
Alaba: Looking ahead, what trends do you foresee shaping the future of African startups?
Hesham: One trend that excites me is the rise of impact-driven startups. Most entrepreneurs are getting into solving social problems and environmental issues. We have companies and projects sprouting that are not strictly money making but very vital in approaching some of these challenges. And with this very rapid acceleration of the digital transformation, we are going to see more startups leveraging AI and blockchain technologies. It’s going to be great, and I think Africa will lie at the epicenter of making this happen globally.
Alaba: As we wrap up, what advice do you have for aspiring entrepreneurs in Africa?
Hesham: My advice is simple: be persistent and adapt. On this entrepreneurial journey, there is bound to be ups and downs, and it is only through resilience that you can navigate through. Seek mentorship, build a strong network, and do not be afraid to take risks. Leverage resources around you, such as organizations like FasterCapital, to help navigate these challenges ahead. The world is looking toward Africa, with the next wave of innovation coming from here.
Lendsqr, a global provider of loan management software for banks, microfinance institutions (MFIs), and digital lenders, has launched a groundbreaking onlending initiative aimed at bolstering the capacity of Nigerian lenders to extend credit to their customers.
With this new initiative, Lendsqr is setting up a capital pool of up to N1 billion line of credit for lenders targeted at Lenders with State Moneylender or Cooperative licenses, giving them the much-needed access to capital that can drive sustainable growth and expansion.
“For a long time, we believed that providing top-tier lending technology was enough to help lenders scale,” said Adedeji Olowe, CEO of Lendsqr. “But technology alone cannot scale a loan business without adequate capital. That’s why we decided to go a step further and solve this critical need.”
The onlending model is designed to support digital lenders who often face challenges accessing loan capital, allowing them to access credit at a reasonable rate. Through this initiative, Lendsqr aims to bridge the gap between technology and capital, ensuring lenders can meet the demand for loans while remaining competitive.
A new era of B2B2C lending
Lendsqr’s onlending initiative represents a strategic step forward in Nigeria’s lending ecosystem. With the ability to offer overdraft loans, the company enables smaller financial institutions to lend confidently, knowing they have a reliable source of capital backing them up. This move is expected to deepen financial inclusion, create a ripple effect on local economies, and ultimately support the development of a healthier financial services landscape in Nigeria.
Lendsqr now joins established onlending capital in Africa such as Lendable, the Nigerian Bank of Industry, and the African Finance Corporation, in providing capital to lenders to drive financial inclusion and much needed growth within the SME economic subsector.
Expanding access and opportunities
By providing loan capital directly to digital lenders, Lendsqr aims to empower lenders to reach more customers, serve new markets, and achieve more stable growth. The initiative not only addresses immediate funding gaps but also sets a foundation for long-term partnerships across the financial industry.
“We’re excited to be the catalyst for growth in Nigeria’s lending sector. Our onlending initiative isn’t just about providing capital. It’s about enabling a stronger and more inclusive financial ecosystem where every licensed lender, big or small, can thrive,” added Joy B. Bello, Head of Sales at Lendsqr.
Lendsqr’s onlending initiative is currently available exclusively to Nigerian lenders. Interested parties can learn more and apply at Lendsqr Capital Portal.
Qore has announced the successful approval to implement its indigenous core banking solution, BankOne, in Tanzania. This landmark achievement marks Qore’s debut implementation of BankOne in Tanzania, underscoring the company’s dedication to deploying disruptive fintech infrastructure that enhance financial inclusion, automate banking processes, and facilitate seamless payments.
The Tanzania Cooperative Development Commission (TCDC), which oversees over 2,500 Saccos, including several regional and national cooperatives, plays a pivotal role in ensuring the smooth operation and regulation of these entities. By collaborating closely with TCDC, Qore aims to empower Saccos to secure and grow their members’ funds with ease, while providing real-time, cloud-native banking experiences through BankOne. This collaboration is set to revolutionize the cooperative sector in Tanzania, driving financial inclusion and innovation at an unprecedented scale.
Qore’s solution is designed to support the unique needs of Saccos, offering features such as real-time transaction processing, comprehensive financial reporting, and robust security measures. By leveraging BankOne, Saccos will be able to streamline their operations, reduce costs, and enhance the overall member experience.
This implementation is a significant milestone for Qore as it continues its rapid international expansion. “The deployment of BankOne in Tanzania is a testament to our commitment to bringing innovative banking solutions to new markets,” said Timothy Ngao, Country Manager for Tanzania at Qore Technologies. “We are excited to support the financial growth and stability of cooperative societies in Tanzania, and we look forward to many more successful implementations in the region.”
The company is proud to be at the forefront of this transformation, supporting the development of sustainable and economically viable cooperative societies across Tanzania.
