Facilitating the Multiplier Effect and Financial Inclusion.
The multifaceted nature of the Quickteller Paypoint platform activates a multiplier effect as it distributes essential payment services through an agent network to the end user while positioning the biller for increased and consistent revenue.
According to the Global Fintech Index rankings, Uganda takes 7th place among the fintech destinations in Africa because it has been found to have a friendly ecosystem to set up a Fintech business or run one. About 47% of the Fintechs in Uganda are in the payments niche. With the enactment of the National Payment Systems Act, 2020 and its regulatory guidelines, Fintech businesses operate in an increasingly conducive, safe, and regulated environment.
One of the Fintech solutions that have claimed their space in the payments ecosystem is Quickteller Paypoint commonly known as Quickteller across Uganda. It is regulated by the Bank of Uganda and operates under the Payment Service Provider license.
The solution was first introduced in 2015 and delivered only via the Point-of-Sale terminal. About two years later, Quickteller responded to the customer's needs by introducing a smartphone application that performs the same service, but at a significantly lower cost.
Innovating around the services provided on the Quickteller Paypoint application became a game changer. The introduction of mobile money services for all the mobile network operators saw adoption and usage steadily and gradually increase. The mobile money business is a lucrative venture in East Africa, however, acquiring sim cards to operate a mobile money business can prove to be lengthy at times. With the Quickteller Paypoint application, all it takes is to download the application, load float, and commence transacting within minutes.
In addition to mobile money services, the Quickteller Application includes bill payments for over 15 billers which include utility bill payments, school fees payments, loan repayments for assets, investment deposits as well as television subscriptions among others. It also caters to unique payments like tax.
The services mentioned are utilized by Quickteller agents. These are one of our most valuable stakeholders who earn a commission from the transactions they make monthly. This does not only supplement or improve their livelihoods but for a youthful population like Uganda’s, it has also turned into a source of employment for some.
In the past, for people to pay their utility bills, school fees or similar services, they would be required to travel to an authorized outlet or a bank which would typically be in the city or town centres. Quickteller Paypoint brings all these services closer to the end user via the increasingly wide footprint Quickteller Paypoint agents have across Uganda. Quickteller Paypoint agents can be found in established shops and supermarkets, medium or small community shops commonly known as Dduukas, kiosks, and other accessible locations within their areas of residence.
The multifaceted nature of the Quickteller Paypoint platform activates a multiplier effect as it distributes essential payment services through an agent network to the end user while positioning the biller (the entity that provides the service for example UMEME) for increased and consistent revenue.
Quickteller Paypoint is powered by Interswitch Uganda, the leading payments technology company driven by innovation excellence as a core value and focused on solving Africa’s challenges via technology. Interswitch is committed to engineering valuable solutions in its quest to actively provide solutions that guarantee ease, access and convenience to Africans living within and beyond Africa.