Nairobi, Kenya - August 2024 - Interswitch East Africa (Kenya) Limited, Africa’s leading integrated payments and digital commerce company, has announced a strategic partnership with Elie Technologies Proprietary Limited (Elie Tech), trading as Tuma, to provide Tumatap, a cutting-edge contactless payment solution for merchants and customers in Kenya.
This technology solution enables Micro, Small, and Medium Enterprises (MSMEs) to accept contactless payments on any android, iOS smartphone, or feature phone, effectively transforming these devices into powerful point-of-sale (POS) systems without the need for additional hardware.
Interswitch, which operates under the regulatory oversight of the Central Bank of Kenya (CBK) and complies with the National Payment Systems Act, 2013 and the National Payments Systems Regulations, 2014, was recently granted approval to switch and process card transactions for Tumatap merchants.
This collaboration leverages Elie Tech's innovative soft POS technology and Interswitch's extensive expertise in switching and processing, and enhanced fraud protection. Together, we offer real-time transaction processing, ensuring a seamless and secure payment experience for merchants and customers across Kenya.
Reflecting on the partnership, Peter Kawumi, Regional Managing Director, Interswitch East Africa Limited, said that Interswitch is committed to building a more financially inclusive ecosystem. "This partnership allows us to leverage each other's technological and operational expertise to deliver an enhanced payment experience for business owners and customers. At Interswitch, we are dedicated to building a more financially inclusive ecosystem, and this collaboration reinforces that commitment. Together, we are reshaping the payment landscape in the market,".
Elie Tech expressed enthusiasm about the partnership and its vast benefits in the digital financial ecosystem. In his words, Wesley Masinde, Co-Founder and Chief Commercial Officer of Tuma Inc, said "Our partnership with Interswitch is a game-changer for MSMEs in Kenya. By combining our innovative contactless merchant acquiring soft POS technology with Interswitch's robust switching and card processing capabilities, we are equipping merchants with a powerful tool to enhance their payment processes and grow their businesses. We are excited about the potential of this collaboration to drive financial inclusion and empower small businesses across the country."
As the name implies, Tumatap aligns perfectly with evolving customer preferences, allowing consumers to simply tap their card or device on a merchant's smartphone for faster, more convenient checkouts. By leveraging local switching, Tumatap provides a cost-effective alternative to international processing solutions.
Beyond enhancing the customer experience, this collaboration will significantly improve business operations. The real-time data collected from transactions will provide valuable insights, enabling merchants to monitor customer behaviour and optimize their business performance. This is particularly crucial for MSMEs, as it offers an affordable and efficient way to accept digital payments, reduce transaction costs, and enhance operational efficiencies.
The partnership between Interswitch and Elie Tech will cater to a diverse range of sectors, including Hotels, Restaurants and Cafeterias (HORECO), Bars and Lounges, Wines and Spirits outlets, Cosmetics outlets and Spas, Pharmaceutical Shops, and Small-scale retail kiosks and stores. This extensive reach ensures that businesses of all sizes can benefit from the innovative payment solutions provided by Interswitch and Elie Tech.
Interswitch's partnership with Elie Technologies underscores Interswitch's dedication to driving financial inclusion and advancing the digital economy, reaffirming its position as a leader in the African digital payments landscape. As Interswitch continues to expand its footprint and introduce new technologies, it remains steadfast in its mission to make digital payments accessible, secure, and beneficial for everyone.
For more information about this partnership, contact Teresa Moraa at [email protected] or visit our newsroom website at Interswitch Group News
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About Interswitch
Interswitch is a leading technology-driven company focused on the digitization of payments in Kenya and other countries in Africa. Founded in 2002, Interswitch disrupted the traditional cash-based payments value chain in Nigeria by supporting the introduction of electronic payments processing and switching services.
Today, Interswitch is a leading player with critical mass in Africa’s developing financial ecosystem and is active across the payments value chain, providing a full suite of omni-channel payment solutions. Interswitch’s vision is to make payments a seamless part of everyday life in Africa, and its mission is to create transaction solutions that enable individuals and communities to prosper across Africa. Interswitch’s broad network and robust payments platform have been instrumental to the development of the payments ecosystem and provide Interswitch with the infrastructure to expand across Africa.
For more information: interswitchgroup.com
About Tuma™
Tuma Inc., a subsidiary of Elie Technologies Corporation, is a US-Congolese technology company transforming payment infrastructure across Africa and high-growth markets. Founded in 2022, Tuma provides innovative SoftPOS (“Software Payment Operating System”) solutions. Our flagship product, Tumatap, enables MSMEs to accept contactless payments directly through smartphones, driving financial inclusion and business growth with modern, secure, and user-friendly technology.”