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Ingenico sets up landmark 50,000 banking terminals in Africa

Through biometric scans, candidates authenticity was validated prior to loan disbursement. (Image source: AmisomPublicInformation/Flickr)

Payment solutions provider Ingenico has set up 50,000 terminals across Africa that will serve the unbanked population in the continent

Considering around three-quarters of the population is still unbanked, there is a need to address this challenge, feels Luciano Cavazzana, eastern Europe & Africa managing director for Ingenico Group. Ingenico has partnered with FINCA for the provision of financial services in Africa.

Ingenico tapped FINCA agents to use its biometric terminals to capture fingerprints of applicants to validate identities prior to loan disbursement. This programme has been implemented in Malawi, Nigeria, DR Congo, Tanzania, Uganda and Zambia.

Mike Gama-Lobo, vice-president and regional director Africa for FINCA added, “Building a secure financial ecosystem for the un(der)banked population is an enormous challenge. Ingenico Group has proven its ability to adapt to local constraints through a single terminal. The Ingenico smart terminals are invaluable for our staff to enroll customers, offer micro-loans and help them keep their finances safe.”

In 2008, the first Ingenico smart terminal inclusion was introduced in Africa. Now, the company offeres branchless banking services, microfinance options, over-the-counter services as well as mobile money.

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