iKaaz, Family Bank to launch cloud based payments platform in Kenya

Indian payments company iKaaz along with regional partner EDGE Financial Systems has collaborated with Kenyan institution Family Bank to launch its cloud based payments platform in the African country.

Indian payments company iKaaz along with regional partner EDGE Financial Systems has collaborated with Kenyan institution Family Bank to launch its cloud based payments platform in the African country.

iKaaz’s Tap & Pay solution powered by NFC and bluetooth technologies will provide Family Bank’s customers a quick checkout option at retail stores, besides enabling them to pay at transportation check points using the same payment tags.

iKaaz founder and CEO Soma Sundaram said Kenya is a global leader in mobile payments and the company is hopeful that ‘Tap & Pay’ solution will play an integral role within the Kenyan mobile payments ecosystem.

"The iKaaz cloud based payments platform helps banks to quickly onboard and offer this innovative solution to their customers," added Sundaram.

EDGE Financial Systems (EFSL) is expected to expand the service through business collaborations within Kenya.

EFSL co-founder Chibuzo Ene said the company has major plans for NFC contactless payments in Kenya.

"We are delighted to have been involved with iKaaz’s expansion plans for Kenya and are extremely excited to get an endorsement of Family Bank, a prestigious institution. We are true believers of NFC and we are sure it will play a huge role in the payments space for many years to come," added Ene.

iKaaz foray into Kenya is on the heels of recent launch in Nigeria.