We just received an invitation to the ‘unveiling’ and presentation of a Universal Electronic Payments System (UEPS) next week by a company called SmartPay. The system is basically a payment switch in the mould of something like ZimSwitch or Uniswitch, both local payment switching companies. SmartPay is referring to their system as the “first unique UEPS Switch system in the country.” Just how unique will obviously be clear next week.
According to the invitation, the SmartPay solution is targeted at the unbanked and under-banked market. We’re not sure how as so far there’s no mention of the one thing switching companies have been chasing over the past few years; the mobile phone. It also doesn’t mention how it will resolve the trust problem that people locally have with traditional banks, so that these unbanked and under-banked can be lured into (and back into) banking their money.
It’ll also be be interesting to see if the solution was developed here or the company is deploying a white label switching solution. Both ZimSwitch and 23rd Century Systems (UniSwitch) develop their systems locally.
But that’s the beauty of surprise, and we’re looking forward to it. In the meantime, you can read more about them on their website, www.smartpay.co.zw.