Finca taps Thought Machine for BaaS platform
0
To date, financial services providers (FSPs) have struggled to support the financial wellbeing of low-income customers, largely due to rigid, poorly tailored products and cumbersome loan assessment and enrollment processes.
'361 by FINCA' is a first-of-a-kind platform powered by Vault Core, introducing new levels of configurability and efficiency previously unattainable for many FSPs in emerging markets. With Vault Core's real-time architecture and API-first design, FINCA will be able to deliver flexible, integrated financial products tailored to help low-income customers invest in opportunities, build financial resilience, and access streamlined, automated loan assessments and renewals. The technology will also allow FINCA to rapidly scale across African markets and integrate with customer service channels and interaction points.
Thought Machine's modern technology and innovative approach position it to be the ideal partner for the platform—Vault Core is completely free from legacy code and designed for efficiency and scale. The '361 by FINCA' platform will seamlessly integrate into and enrich the functional capabilities of the existing business software stack. With Vault Core, FINCA gains the flexibility to launch innovative products tailored to the diverse needs of its customers, including smallholder farmers, families on the margins, and microentrepreneurs. Its real-time data capabilities and modular design mean faster rollouts, greater personalisation, and a more agile response to evolving market needs.
'We're building a new fintech platform that is fast, flexible, and deeply connected to people's lives,' said Herman Spruit, CEO, 361 by FINCA. 'With 361, powered by Thought Machine's technology, we can create innovative, personalised financial products that grow with people's lives—whether saving for school, starting a business, or supporting their families.'
Paul Taylor, CEO and founder, Thought Machine, comments: 'This partnership reflects a deep commitment to using cloud-native technology to build world-class financial products that drive economic growth. Supported by modern core technology, banks are empowered to create a future where financial services are accessible to individuals everywhere. We look forward to working with FINCA to build the future of financial services across the continent.'
The platform's build will be led by Ikigai Digital, a certified Thought Machine delivery partner known for its deep technical expertise and successful track record implementing Vault Core. Ikigai Digital's team of subject-matter experts has hands-on experience in platform operations, migration, and integration architecture, ensuring high-quality, end-to-end implementation.
Andy Farmer, CEO, Ikigai, comments: "Ikigai has formed a strategic partnership with FINCA to build and run a Microfinance Platform. Together, we are building a new business underpinned with cutting-edge technology that will provide huge flexibility for customers, driven by the shared mission to expand financial access in underserved markets and enhance the lives of millions of people."
The '361 by FINCA' operating platform will also offer white-labelling capabilities, allowing other organisations to leverage Vault Core's engine to deliver customised financial services to their customers. This approach breaks down traditional barriers to access, enabling a broader ecosystem of providers to accelerate financial inclusion across the continent.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Guardian
5 days ago
- The Guardian
More than 60 countries scramble to respond to Trump's latest tariffs
More than 60 countries around the world are scrambling to respond to the latest wave of US tariffs announced by Donald Trump, which came into force on Thursday. Industry representatives in rich and poor countries warned of job losses as the tariffs upended a decades-old world trading system with rates ranging from 10% to 39%, 40% and 41% for Switzerland, Brazil and Syria. All over the globe, leaders were attempting to put contingencies in place after Trump's tariff threats turned to reality at a minute past midnight Washington time. The Brazilian government said it was planning a state aid plan for companies affected. The president, Luiz Inácio Lula da Silva, said the duties were 'unacceptable blackmail'. Switzerland said it was seeking new talks with the US after a last-gasp mission to Washington by its president, Karin Keller-Sutter, failed to stop a 39% tariff blow that industry group Swissmem described as a 'horror scenario'. In a statement after an emergency meeting with Keller-Sutter, the Swiss cabinet said the tariffs would 'place a substantial strain on Switzerland's export-oriented economy'. 'For the affected sectors, companies and their employees, this is an extraordinarily difficult situation,' Keller-Sutter told reporters. Taiwan is also continuing talks with the US. Its president, Lai Ching-te, said the 20% rate imposed on the key Washington ally was 'temporary'. Ireland, which is locked into an EU-US deal setting the tariff ceiling at 15%, said it would publish a new plan for diversifying an economy that relies heavily on US multinationals including Intel, Pfizer and Johnson & Johnson, all in Trump's crosshairs. Despite a last minute reprieve from Trump for Lesotho with tariffs dropping from 50% to 15%, the impoverished African nation said it was already hurting. Textile industry players in the country – which produces jeans and other garments for US companies including Levi and Walmart – said the uncertainty around tariffs over the past few months had already devastated the sector, with orders cancelled and jobs cut. Laos, which, like Brazil and Myanmar, was hit with a 40% rate, was among those handed a steep increase in import duties because of a trade imbalance with the US. 'A 40% tariff is just a nail in the coffin for any industry trying to ship to the United States,' Johannes Somers, the executive chair of the garment manufacturing firm Diep Vu, told Agence France Presse. 'We estimate about 20,000 workers or more could be impacted,' added Xaybandith Rasphone, the head of the Association of the Lao Garment Industry. The sweeping 'reciprocal' rates were announced by the White House a week ago, just before a previous 1 August deadline was due to elapse. Just before the tariffs came into effect at midnight, Trump claimed on social media that billions of dollars would start flowing into the US as a result. However, while the customs duties make countries' exports more expensive and less competitive, they are payable on import and usually passed on to the customer. 'The only thing that can stop America's greatness would be a radical left court that wants to see our country fail,' the president wrote in capital letters, referencing an ongoing case in the US court of appeals, which is considering whether he exceeded his authority in imposing the tariffs. Some trading partners had already secured reductions through negotiations or by striking deals, including the UK, Thailand, Cambodia, Vietnam, Indonesia, the Philippines, Japan, South Korea, Pakistan and the EU. The EU is the only trading partner where its baseline rate of 15% will include previous tariffs. It means, for example, cheeses that are normally hit with import duties of 14.9% will be taxed at 15% and not 29.9%. However, the deal has only been implemented in part with tariffs of 27.5% still being imposed on EU car imports while the details of the US-EU deal are being finalised. Hildegard Müller, the president of the German car industry federation, said the EU-US deal had 'brought no clarity or improvement' to the industry. 'The sectoral tariffs on cars and automotive parts of 27.5%, which have been in effect since April and May respectively, remain in place and place a significant burden on German automakers and automotive suppliers, as well as on transatlantic trade. 'It is important that the promised agreement is reached now and the relief measures are implemented promptly,' she said. India's 25% tariff rate could rise to a total of 50% after Trump signed an executive order on Wednesday imposing an additional levy in retaliation for the country's purchase of oil from Russia. Delhi has 21 days to respond. Trump has threatened to use the same tactic on other countries that supply Russia.
The Guardian
5 days ago
- The Guardian
More than 60 countries scramble to respond to Trump's latest tariffs
More than 60 countries around the world are scrambling to respond to the latest wave of US tariffs announced by Donald Trump which came into force on Thursday. Industry representatives in rich and poor countries warned of job losses as the tariffs upended a decades-old world trading system with rates ranging from 10% to 39%, 40% and 41% for Switzerland, Brazil and Syria. All over the globe, leaders were attempting to put contingencies in place after Trump's tariff threats turned to reality at a minute past midnight Washington time. The Brazilian government said it was planning a state aid plan for companies affected, with the president, Luiz Inácio Lula da Silva, criticising the duties as 'unacceptable blackmail'. Switzerland said it was seeking new talks with the US after a last-gasp mission to Washington by its president, Karin Keller-Sutter, failed to stop a 39% tariff blow that industry group Swissmem described as a 'horror scenario'. In a statement after an emergency meeting with Keller-Sutter, the Swiss cabinet said the tariffs would 'place a substantial strain on Switzerland's export-oriented economy'. 'For the affected sectors, companies and their employees, this is an extraordinarily difficult situation,' Keller-Sutter told reporters. Taiwan is also continuing talks with the US, with its president, Lai Ching-te, saying the 20% rate imposed on the key Washington ally was 'temporary'. Ireland, which is locked into an EU-US deal setting the tariff ceiling at 15%, said it would publish a new plan for diversifying the economy which relies heavily on US multinationals including Intel, Pfizer and Johnson & Johnson, all in Trump's crosshairs. Despite a last minute reprieve from Trump for Lesotho with tariffs dropping from 50% to 15%, the impoverished African nation said it was already hurting. Textile industry players in the country – which produces jeans and other garments for US companies including Levi and Walmart – said the uncertainty around tariffs over the past few months had already devastated the sector, with orders cancelled and jobs cut. Laos, which like Brazil and Myanmar was hit with a 40% rate, was among those singled out for a steep increase in import duties because of a trade imbalance with the US. 'A 40% tariff is just a nail in the coffin for any industry trying to ship to the United States,' Johannes Somers, the executive chair of garment manufacturing firm Diep Vu, told Agence France Presse. 'We estimate about 20,000 workers or more could be impacted,' added Xaybandith Rasphone, the head of the Association of the Lao Garment Industry. The sweeping 'reciprocal' rates were announced by the White House a week ago, just before a previous 1 August deadline was due to elapse. Just before the tariffs came into effect at midnight, Trump claimed on social media that billions of dollars would start flowing into the US as a result of the tariffs. However, while the customs duties make countries' exports more expensive and less competitive, they are payable on import and usually passed on to the customer. 'The only thing that can stop America's greatness would be a radical left court that wants to see our country fail,' the president wrote in capital letters, referencing an ongoing case in the US court of appeals which is considering whether he exceeded his authority in imposing the tariffs. Some trading partners had already secured reductions through negotiations or by striking deals, including the UK, Thailand, Cambodia, Vietnam, Indonesia, the Philippines, Japan, South Korea, Pakistan and the EU. The EU is the only trading partner where its baseline rate of 15% will include previous tariffs. It means, for example, cheeses that are normally hit with import duties of 14.9% will be taxed at 15% and not 29.9%. However, the deal has only been implemented in part with tariffs of 27.5% still being imposed on EU car imports while the details of the US-EU deal are being finalised. Hildegard Müller, the president of the German car industry federation, said the EU-US deal had 'brought no clarity or improvement' to the industry. 'The sectoral tariffs on cars and automotive parts of 27.5% which have been in effect since April and May, respectively, remain in place and place a significant burden on German automakers and automotive suppliers, as well as on transatlantic trade. 'It is important that the promised agreement is reached now and the relief measures are implemented promptly,' she said. India's 25% tariff rate could rise to a total of 50% after Trump signed an executive order on Wednesday imposing an additional levy in retaliation for the country's purchase of oil from Russia. Delhi has 21 days to respond. Trump has threatened to use the same tactic on other countries that supply Russia.
Reuters
7 days ago
- Reuters
Zimbabwe platinum miners owed millions in unpaid export earnings
HARARE, Aug 5 (Reuters) - Zimbabwe's platinum miners are owed millions of dollars in unpaid exports income under the government's foreign currency retention rules, the mining chamber has said, hurting operations in a sector battling to recover from a price collapse. The southern African country requires all exporters to retain only 70% of their proceeds in foreign currency, with the balance being converted to local currency. The world's third largest producer of platinum group metals after neighbour South Africa and Russia, says it needs the foreign currency to fund vital imports and repay foreign loans. Platinum producers in Zimbabwe, who include Valterra Platinum, Impala Platinum's (IMPJ.J), opens new tab Zimplats ( opens new tab and Mimosa, a joint venture between Impala and Sibanye Stillwater (SSWJ.J), opens new tab, exported PGM mattes and concentrates worth $690 million in the first half of this year, government data shows. However, the government has not been paying the miners the local currency equivalent of their export earnings since January, an official at the mining chamber told Reuters. Deputy finance minister Kuda Mnangagwa confirmed that the government had fallen behind on paying the miners. "There were issues of cash flow constraints, particularly in the first quarter of the year when our revenue collections are at their lowest," Mnangagwa told Reuters on Tuesday. He added that the government was talking to platinum miners to ensure "that these delays don't burden their operations". Platinum group metals, used to make catalytic converters that curb vehicle emissions, are Zimbabwe's second most valuable mineral export, behind gold. Zimbabwe exported gold worth $1.8 billion during the first half of 2025, up from $870 million during the same period last year, thanks to record high bullion prices. Gold producers have also complained about Zimbabwe's foreign currency retention rule, which they say eats into their income when part of their export proceeds are converted into an overvalued local currency.
