Bancore Platforms is a B2B service targeted at technology driven companies and financial institutions who can now offer electronic payments, digital services and mobile transactions to their customers. Bancore Platforms make it possible for external service providers to issue instant virtual VISA and Mastercards – or other locally branded payment cards – directly to consumers’ mobile phones. Customers are typically remittance companies needing a platform to make national or international transfers on behalf of their customers, microfinance banks wanting a platform to provide online banking services to their customers, or other FinTech or technology driven companies.
Bancore Platforms is a B2B division of Bancore Group with the long-term goal of becoming a global top 10 bank-like entity as measured by the number of account- or card holders acquired through 3rd parties. To achieve this goal, Bancore has developed user-friendly onboarding platforms for mobile phones and web users, combined with the instant issuance of companion prepaid VISA or Mastercards.
B2B customers will purchase a license to the platform which will be branded as the customer’s own. The customer will therefore have exclusive sales rights to the end-users, and own all relationships and consumer data generated by the platform.
The white label platform is a ready-to-use turn-key solution, with Bancore Platforms managing implementation, card program approval with VISA or Mastercard, front end design, system and security management, and settlement procedures. The customer is responsible for end-user acquisition, marketing, and operational costs.
With Bancore Platforms’ award-winning system, financial institutions or fintechs can roll out mobile bank-like services to their customers within 6-8 weeks, offering the fastest time-to-market in the market. Bancore Platforms are designed for scale, are PCI DSS certified, and have a unique antimoney laundering feature that uses artificial intelligence and 24/7 fraud-monitoring tools.
Bancore Platforms regional focus is currently on Africa which represents a high-potential market, given Bancore’s ability to implement mobile-friendly platforms for quick and easy consumer onboarding. Africa has a high mobile phone ownership and huge population growth. Our primary short-term focus is on Nigeria, Senegal, Ivory Coast and Uganda.
Bancore Platforms is committed to the Financial Inclusion of Nigeria and the rest of Africa. In the past 2 years, 500,000 cards were issued, and this is expected to grow to 2 million new users with the partners already signed up. The white-label platform is certain to benefit local banks and financial institutions, as it allows them to offer an award-winning low-cost financial service.