Developers, start-ups and SMEs are already leveraging Finserve Africa’s APIs to craft innovative products and services.
The opening of the APIs by Fintech firms in the country has been an avenue to allow companies and small businesses to leverage on the financial platforms.
Finserve, the firm behind Equitel, is opening up its platform to over 2,000 small and medium enterprises and startups to leverage on its application programming interface (APIs).
Developers, start-ups and SMEs are already leveraging Finserve Africa’s APIs to craft innovative products and services.
“We will continue to offer developers the flexibility to craft innovative products that meet current consumer taste and preferences using our APIs,” said Finserve Africa Managing Director Jack Ngare at the Fintech Summit 2018.
One of the products that is leveraging Finserve’s APIs is EazzyChama — an online solution that enables investment groups to manage their financial activities including record keeping and banking transactions, while maintaining transparency and accessibility among all members.
Launched in September 2017, Finserve’s APIs have been used by businesses including those managing airtime sales, logistics, payments, cash management services among others. The Eazzy API allows developers to seamlessly integrate their websites and apps with Equity Bank’s payment platform.
Jumia, Chamasoft, Cellulant and Strathmore University were among the first to integrate the Equitel API to their platforms. Mr Ngare said that they were happy to note that entrepreneurs, many of them start-ups and SMEs, have taken advantage of the firm’s open APIs to design innovative products and services that are now boosting businesses across the region.
The opening of the APIs by Fintech firms in the country has been an avenue to allow companies and small businesses to leverage on the financial platforms.
“APIs are not new, but their adoption has picked up exponentially in recent years, with estimates ranging from 15,000 to 50,000 publicly available APIs, and the number of private and partnership APIs likely exceeding these totals,” says the World Banking Report 2017.
Safaricom opened up M-Pesa in 2015 to third party developers to create applications that use the platform as the main payment option. The continued progression of the APIs by Safaricom allows businesses to seamlessly integrate Lipa n a M-Pesa, Buy Goods, and Paybill payments into apps, websites and point of sale terminals to list a few.
According to the World Retail Banking Report 2017, APIs allow banks to achieve their digital goals as well as collaborate with non-traditional providers to value-based marketplaces that can improve long term loyalty.
PAYE Tax Calculator
Note: The results are not exact but very close to the actual.
