Bancore Payments handles day-to-day settlement of third party transactions across Bancore’s geographic footprint in Africa. We cover 80% of countries in Africa where we can settle instantly to bank accounts.
Together with strong local partners and long-term clients, who include government ministries and UN institutions, Bancore Payments handles for instance disbursements of agricultural subsidies to farmers, stipends to students, pensions, and similar recurring payments – in all instances replacing the time-consuming and risky physical distribution of cash by switching to electronic transfers directly to each recipient’s mobile phone.
Our mission is to develop and distribute tailored and scalable mobile financial solutions to underserved markets across Africa.
We have rapidly expanded our “last mile” distribution of remittances from foreign family members – a low-profit, but high-volume business which in Nigeria reached more than USD 80M in Bancore transaction volume in 2019 – likely to grow USD 200M in 2020.
A range of value-added products and services are available, including “Instant Card issuance when processing payments”, Payroll, Cashless Distribution (for instance wholesaler to retailer), Payment Console (automated payments similar to “direct debit”) and a two-way payment processing switch for Micro-Finance banks. We provide easy-to-use, affordable alternatives to remittance/money transfers, micro lending, micro-insurance, micro-savings, and payments.
We are also establishing a pan-African interbank network accessible to hundreds of local banks, whose internal payment clearance will be vastly facilitated by Bancore’s Interbank Gateway. Partnering with one of the top remittance companies, we are becoming the first pan-African payments company that can process payments across most of Africa to anyone, whether banked or un-banked.