Fintech platform, Layer, set to transform digital banking experience across Kenya through UBA partnership

  Fintech platform, Layer, set to transform digital banking experience across Kenya through UBA partnership

Digital banking platform provider, Layer, has announced it is partnering with United Bank for Africa (UBA) to fuel its digital transformation aimed at providing greater access to a wider range of financial services for its Kenyan customers. Layer is a digital transformation platform that enables large financial institutions to rapidly revolutionize their customer and back-office digital experiences.

This new partnership will see the company add an additional 18 million users across 25 different countries to its platform. Through its collaboration with Layer, the financial conglomerate will be able to provide seamless banking services in different jurisdictions from one central platform without altering core banking systems.

Layer’s proprietary platform enables banks to offer their customers a blend of traditional and neobank capabilities through one single platform that sits on top of core banking systems and connects through open-source technology (API’s). UBA has implemented all of the capabilities available on the Layer platform to provide end to end digitalisation of their banking services, delivered through a new mobile app and website across 18 markets in 4 different languages.

The company is one of the only European fintech firms to work directly with an African bank in rolling out a fast-paced, collaborative platform that aims to transform how data is utilized across the banking sector. Layer hopes to accelerate financial inclusion and digital transformation processes across the world through similar partnerships. The digital banking platform currently delivers banking services to over 25 million consumers through its existing collaborations.

With the smartphone revolution gathering pace in Sub-Saharan Africa, the digital banking sector on the continent is primed to boom. While only 4 in 10 people in Kenya have access to smartphones at present, sales are accelerating with Africa expected to account for 7.1% of the total smartphone marketplace by 2023. This has led to a broader acceptance of digital payments in the country over the last five years, with Kenya’s National Treasury and Planning agency finalising a digital policy to ensure that financial services are digitally connected, according to the draft of the Kenya National Payments System 2021-2025 report.

This data also indicates mobile payments surged 87% between February and October, with 2.8 million new mobile users. Coupled with findings by McKinsey that 46% of bank customers expect to use digital or mobile services more in the post-pandemic world, Layer is assisting UBA to position itself to revolutionise the way it does business across Kenya and the African continent by becoming the go-to bank that ensures a seamless experience for staff and customers.

What they are saying

Mr Kennedy Uzoka UBA Group MD said: “We conducted a very thorough digital banking vendor/platform evaluation process across the global market considering the advancement in technology, richness of features, ownership cost-effectiveness and smooth implementation approach.”

Speaking about the significance of the partnership, Roy Zakka, Founder and CEO of Layer commented: “This is an exciting and ambitious partnership in spirit and scale. We are delighted to work with UBA to accelerate the arrival of digital banking services across the continent of Africa and Europe. We are helping position UBA as a digital-first leader across Africa while also helping reduce their annual spend by more than 40% for mobile applications alone.”