Veneka
Spearheading Accessible Banking

As millions across Africa grapple with the unsolicited tag of being unbanked, a shortfall in low-cost financial technology is a major deterrent for institutions that want to reach the underserved. Currently, there is not only an opportunity for financial inclusion, but according to Accenture’s estimates, banks could gain $380 billion annually in revenue by earmarking the unbanked alone. In such a scenario, Veneka, with its compelling banking solutions, is not only spurring humanitarian betterment in rural Africa but also empowering banks with cost-effective technological supremacy. “Our core vision is to provide seamless access to financial services to everyone, everywhere, all the time through innovative ways,” remarks Robert Lane, Chief Commercial Officer. Veneka enables banks and other financial institutions to issue electronic banking products, with location-independent reach through mobile and agent networks; and which can interoperate with existing and new products and platforms.

Veneka’s agency and mobile banking platform, Luminus, provides inclusive access to financial services by breaking barriers of reach and cost for providers and consumers alike. Consumers anywhere, using any device, can access e-money to transact, make payments, send and receive money, or access savings and loans facilities. Luminus has pioneered interoperability in Africa, connecting banks, mobile networks, micro-finance providers and savings co-operatives in Rwanda, achieving true interoperability across accounts, cards, wallets and micro-loans.

Always innovating solutions with a consumer-driven approach, Veneka has developed Indigo, an end-to-end card-issuing and electronic account opening solution that offers superior customer experience and enhanced operational efficiency.

Our core vision is to provide seamless access to financial services to everyone, everywhere, all the time through innovative ways

“Because most banks in Africa still subscribe to traditional technology, in some cases it takes three weeks to get a fully functional debit or credit card in the hands of the customer,” says Lane. Veneka’s Indigo uses affordable technology to enable banks to issue cards instantly and at remote customer service points. Instant card issuing is one of the company’s most celebrated successes and is used in over thirty African countries.

To help banks access new revenue streams, Veneka has partnered with Tieto, a leading payment technology company. “Tieto’s Card Suite is a next-generation full e-banking platform for card issuing, card acquiring, switching, and omnichannel banking,” states Lane.

In the days to come, Veneka will continue to extend its cloud-ready solutions to have a wider reach, investing in R&D to align and lead market needs. True to its name Veneka, meaning “to illuminate,” is focused on continuing to eliminate Africa’s financial constraints through its state-of-the-art fintech solutions for years to come.