How To Launch A Mobile Bank In Africa?

3 min readJul 10, 2020

Digital transformation could be a game-changer for the African continent, and FinTech is currently one of the main drivers of this technology revolution. The tremendous opportunity for digitally-driven financial services companies lies in the high proportion of unbanked citizens, the immense size and favorable demographics of the African population and the relatively limited state of technology.

Mobile payment solutions allow hundreds of millions of unbanked consumers to benefit from transacting online within their local context. Neobanking systems are designed to give financial companies access to automation, digitalization, and robust security, giving them ample opportunities to grow and innovate.

Addressing the industry demands, Velmie saw the opportunity to establish itself as a strategic technology partner to companies that want to take advantage of the disruption opportunities presented by open banking in Africa. We saw it as a market offering great potential, given the significant proportion of the population who don’t have access to affordable and secure payment services.

“There is a unique opportunity for Africa to become a world leader in FinTech, getting the most out of emerging technologies while greatly contributing to financial inclusion and innovation.” — Paul Shumsky, Head of Product.

We developed a white-label mobile banking solution that supports secure and straightforward ways of initiating payments. It also makes it possible for businesses of all kinds to create their financial ecosystems, establishing trust and closer relationships with their customers.

The main features of the Velmie mobile wallet platform, built on micro-services architecture, include:

  • Secure two-factor authorization
  • Interactive identity verification
  • Advanced tiered KYC offers a built-in identity verification process supports multiple countries and clients
  • Airtime purchases in unique digital currency specific to Africa
  • Bill payments
  • Peer-to-peer transfers with QR codes, address book and payment link transactions
  • International remittances with multi-wallet and multi-currency features, augmented with instant currency conversion
  • Branded payment cards
  • Real-time money transfers and currency conversion
  • Multiple currency support
  • Real-time QR code payments
  • Fast and convenient cash agent onboarding
  • Online onboarding of merchants to support both online and in-store transactions

The platform integrates with a variety of payment platforms, including:

  • Flutterwave
  • Currencycloud
  • Mpesa
  • African Payment Gateway

and more.

Velmie has been one of the first fintech innovators to introduce enterprise blockchain technology in the financial services industry. It has also successfully developed payment solutions for its clients. Recent projects include a nationwide payment system in North Africa, and clearance and custody solutions for banks.

These projects have given the company extensive experience in working with African digital financial service providers. As such, it has gained valuable regional-specific knowledge of the services most in-demand and the integration capabilities required for white-label mobile wallet platforms that cater to the African market.

Velmie builds digital banking products, peer-to-peer lending and microfinance solutions. In addition to these leading-edge software solutions, we give our clients access to a dedicated team of experts who can adapt and customize solutions, as well as integrate additional capabilities where needed.

The service level agreement (SLA) support we supply is comprehensive, with quick response and resolution turnaround times. Thus clients do not need to hire local support or engineering teams.

Velmie can deal with all conceivable kinds of customizations and custom development projects, whether it is a simple branding project or building in new platform features, we are ready to deploy dedicated teams to handle the tasks for our clients.

We have the necessary experience and expertise to enable your business to take full advantage of the immense potential offered in Africa. You can start with a white-label mobile wallet solution and build your digital bank from there.

The advantage of using white-label solutions to develop your FinTech offering is that you get immediate access to a cloud-based digital banking system, with all the functions you need to build an advanced and scalable solution. The technology platform we offer is highly scalable, secure, provides unlimited scope for customization, and offers end-to-end delivery.