Ukheshe Technologies achieves Level One B-BBEE rating in South Africa

Ukheshe Technologies, a pan-African fintech startup has significantly improved its Broad-Based Black Economic Empowerment (B-BBEE) performance.

Ukheshe Technologies achieves Level One B-BBEE rating in South Africa

Ukheshe Technologies, a pan-African fintech startup, has significantly improved its Broad-Based Black Economic Empowerment (B-BBEE) performance.

B-BBEE is a government policy to advance economic transformation and enhance the economic participation of Black people — African, Coloured and Indian people who are South African citizens — in the South African economy.

This improvement has made Ukheshe one of the few South African fintech startups to achieve a Level One B-BBEE Contributor certification. Coupled with Ukheshe’s remarkable growth – having concluded over 60 enterprise partnership deals in 2021 – has prompted additional investment into the company as it continues to deliver its ecosystem of solutions in key African locations and other emerging markets.

Ukheshe’s solid growth and B-BBEE score improvement demonstrate notable success in accomplishing significant transformation at the ownership level and unlocking opportunities for black South Africans in its employment, supply chain and contribution to the community.

The accomplishment also underscores Ukheshe’s constant drive for tangible ways to increase B-BBEE participation and empowerment in the public sector while creating a more inclusive, sustainable digital economy for everyone.

Ukheshe has also officially announced that Mahlwane Magale, the company’s Head of Financial Operations, will take up a director position on Ukheshe’s board. Since joining the company in November 2020, Magale has demonstrated a steadfast commitment to Ukheshe’s values and growth. Magale is an Allan Gray Fellow, former Management Consultant and Private Equity Investment Professional and is passionate about financial services and the ways they can power financial inclusion.

According to Clayton Hayward, CEO of Ukheshe, "Since its inception, Ukheshe has proudly championed economic and social transformation and will continue to make empowerment a priority,"

"Attaining a Level One B-BBEE score is testament to Ukheshe’s role as a responsible corporate citizen committed to doing the right thing. To be one of the first fintechs to reach this significant milestone is a proud moment for the company, especially as we focus our efforts at democratising digital financial services across the African continent", Clayton said.

Ukheshe' efforts within the African payments industry has been recognised on several platforms. The fintech startup is a Global Mastercard Engage partner, making it part of an elite group of only 29 companies globally.

Prins Mhlanga, CEO of Ocean on 76 Group, early investor, and shareholder in Ukheshe has confirmed an increased stake in Ukheshe Technologies following its consistent and impressive growth over the previous 12 months and its immense potential.

Says Mhlanga, “Like-minded investors have seen excellent growth within the company. Ukheshe’s efforts in entrenching itself as a leading African fintech enabler have produced significant results and both its immediate and long-term prospects are incredibly exciting. The company’s transition to Level One certification is just the latest development to showcase Ukheshe’s aptitude for supporting its customers and employees in any environment in which they operate.”