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DIGITAL PAYMENTS
PayConnect: Revolutionizing Digital Payment Space Through Interoperable Solutions Words Oroni Tendera
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n the past few years, Kenya has witnessed a tremendous paradigm shift towards digital payment, thanks to the emergence of FinTechs. However, a big gap loomed on the way to a completely cashless reality, lack of interoperability. This informed the formation of PayConnect in 2016. “Digital channels are not new in Kenya. All commercial banks have a mobile banking/agency solution. To carve out a niche for ourselves in the industry, we focused on developing solutions that are interoperable and can serve several institutions or even cross- border subsidiaries”, reveals Hussein Dida, CEO of PayConnect during an interview with StartUp Magazine. According to the executive, the firm operates with two models when selling out solutions. “The outright purchase model where the institution pays for the license as well as the annual maintenance fee and the Revenue share model that requires the client to pay for the installation cost but not license fee.” “Revenue share model works well for institutions that do not want to tie their Startupmagazine.co.ke September 2019
Hussein Dida, CEO PAYCONNECT capital but would prefer to have a joint venture with us. We provide the solution and they bring clients on board,” he adds. Competitive edge PayConnect runs agency banking applications that work on android devices, a major change from traditional applications currently used by most FinTechs that strictly work on POS devices. This shift, he says; has lowered the cost of rolling out their solutions. PayConnect has also been in the lime-
light for pioneering the use of a nationwide biometric system in South Sudan in partnership with development agencies. “Our biometric solution is user-friendly with de-duplication check.” “We own our IPs meaning we do not sell third party IPs. Our solutions are futuristic, scalable and modular,” adds Mr. Dida. Asked how they enhance security of their systems, the youthful CEO says, “We are keen on hiring competent and professional staff members who safeguard our integrity. Furthermore, all our solutions
