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SWIFT launches SWIFT Go, a fast, cost-effective service for low-value cross-border payments

New service enables businesses and consumers to send payments in seconds with full transparency and strong security; SWIFT Go (SWIFT.com) is a key building block in the co-operative’s strategy to enable instant and frictionless cross-border transactions; Seven leading global banks already live with the service.

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SWIFT has announced the launch of SWIFT Go, a transformative new service that enables small businesses and consumers to send fast, predictable, highly secure, and competitively priced low-value cross-border payments anywhere in the world, direct from their bank accounts. Seven global banks, which collectively handle 33 million low-value cross-border payments per year, are already live with the service.

SWIFT Go enables financial institutions to offer a seamless payments experience for low value transactions often initiated by small- and medium-sized enterprises (SMEs) to pay suppliers overseas and by consumers sending money to friends and family internationally. Using tighter service level agreements between institutions and pre-validation of data, SWIFT Go enables banks to provide their end customers a fast and predictable payments experience with upfront visibility on processing times and costs.

The SWIFT Go service builds on the high-speed rails of SWIFT gpi, which have transformed the speed and predictability of high-value payments. The service marks another milestone in SWIFT’s strategy to enable instant and frictionless transactions from one account to another, across SWIFT’s network that connects more than 11,000 institutions, and 4 billion accounts across 200 countries worldwide. It will further strengthen the capabilities of banks to serve their customers in the high-growth small business and consumer payments segments.

Stephen Gilderdale, Chief Product Officer, at SWIFT said: “SWIFT Go is a further step towards achieving our vision of enabling anybody, anywhere, to send money instantly and securely around the world. The new service is a direct response to the needs of small businesses and consumers for fast, easy, predictable, secure and competitively priced cross-border payments. Our new service will allow banks to compete effectively in one of the fastest growing segments of the payments market, delivering a seamless experience for their customers.”

SWIFT Go was developed in close collaboration with the global SWIFT community and is underpinned by several key pillars:

Firstly, Speed; Tighter service levels between banks increase speed. A single payment format increases straight-through processing, while services such as pre-validation remove frictions that cause delays.

Secondly, Predictability; The amount, time, fees and FX rate of a payment are known in advance. The sender and receiver of a payment can track the status in real-time.

Then the system is Easy to use; The user experience is simple and streamlined, with data requirements known upfront. Strict network validation provides for easy initiation and processing of SWIFT Go payments

Swift also offers Competitive prices; Processing fees are agreed between financial institutions upfront so they can provide their customers with full transparency; increased straight-through processing further reduces processing costs.

The platform also offers Security: Senders and receivers have peace of mind that payments are underpinned by the strong security of the SWIFT network. Seven leading global banks are now using SWIFT Go live: BBVA; Bank of New York Mellon; DNB; MYBank; Sberbank; Société Générale, and UniCredit.

In this remarks, Raouf Soussi, Head of Enterprise Payments Strategy of Client Solutions, BBVA said: “BBVA is very excited to be one of the first banks to sign up to SWIFT Go and we recognise the potential of this solution to revolutionise the way SMEs and consumers move money around the world. We have listened closely to our customers and we know how much they value a secure service that ensures payments reach their destination quickly and seamlessly.”

“It’s no secret that for many years consumers and small businesses have been running into varying pain points when transacting international payments. These challenges have included opaque costs and lack of certainty on how quickly funds are delivered to the final beneficiary. This is why BNY Mellon is pleased to be the first US bank to go live with SWIFT Go, a new service that overcomes all of these challenges and assists financial institutions in delivering a competitive, seamless, fast and predictable payments experience to their customers,” said Isabel Schmidt, Head of Direct Clearing and Asset Account Services Products, Bank of New York Mellon.

Nevertheless, Feng Liang, Deputy CEO, MYBank said:“SWIFT gpi has become the benchmark for high-value cross-border transactions and we are confident that SWIFT Go will be equally as transformative for SME payments. By providing for instant, seamless transactions within one of the highest growth areas of our industry, we expect that adoption of SWIFT Go will be widespread and that it will quickly be established as the industry standard for lower value transactions.”

In his views, Jean-François Mazure, Head of Cash Clearing and Correspondent Banking, Société Générale said: “As customer expectations for faster payments evolve, the correspondent banking industry requires a solution to more competitively process SME and consumer payments. SWIFT Go fits perfectly with it, allowing us to provide an outstanding experience to our customers with predictable, seamless, and frictionless low-value cross-border transactions reaching beneficiaries accounts quicker than ever.”

Raphael Barisaac, Global Head of Cash Management, Global Co-Head of Trade, UniCredit said: “UniCredit has long been a keen supporter of innovations within payments that deliver excellent outcomes for end-customers, and as such we are very proud of our involvement in SWIFT Go. This is a service that will lead to real benefits for SMEs and consumers, allowing them to enjoy the speed, predictability and transparency that SWIFT gpi has brought to high-value transactions.”

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Please pay your pending bills, KEMSA Board appeals to County Governments

The KEMSA Board also held a roundtable meeting with officials of the Kenya Medical Practitioners, Pharmacists and Dentists Union (KMPDU), Pharmaceutical Society of Kenya, Kenya Association of Pharmaceutical Industry (KAPI) Kenya Dental Association and the Kenya Health Care Federation (KHF).

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Kenya Medical Supplies Authority (KEMSA) board has issued a passionate appeal asking several county governments to prioritise settlement of more than Kshs 3.9 Billion pending bills to the Authority.

Speaking when she addressed stakeholders in the Pharmaceutical sector and Medical Associations, KEMSA Chairperson Mary Mwadime said the settlement of the bills would help accelerate reforms at the Authority.

She said some county governments had extended much-needed support to KEMSA by prioritising the settlement of bills to keep the Authority’s cogwheels running as the organisational reforms to address systemic challenges progress.

She said the Board would undertake the reforms in strict compliance to due process and labour laws as the Board is committed to remedying challenges’ currently bedevilling the Authority.

During the latest round of engagements on Monday, the KEMSA Board and the Authority’s Acting Chief Executive Officer Edward Njoroge updated the Senate Committee on Health members led by Senator Michael Mbito. The KEMSA Board also held a roundtable meeting with officials of the Kenya Medical Practitioners, Pharmacists and Dentists Union (KMPDU), Pharmaceutical Society of Kenya, Kenya Association of Pharmaceutical Industry (KAPI) Kenya Dental Association and the Kenya Health Care Federation (KHF).

Last week, the KEMSA Board paid courtesy calls to the Kisumu, Kisii, Nyamira and Uasin Gishu County Governments. The Board also engaged the National Assembly Committee on Health and the Development Partners for Health in Kenya (DPH-K). The DPH-K comprises stakeholders and representatives from the World Health Organisation, Global Fund, USAID, CDC, UNAIDS, Bill & Melinda Gates Foundation, and World Bank.

At the meetings, Ms Mwadime reiterated that the Authority was complying with a court order and had not declared any roles redundant nor handed over KEMSA’s leadership to external agencies. She added that operations at the Authority are proceeding under a business-as-usual model with a business continuity plan to avoid any disruptions.

“We have assured our stakeholders that our operations are proceeding on as usual and the Board and Core Management remain firmly in place,” She said, adding that, “A dysfunctional KEMSA slows down healthcare delivery goals and is a liability to the envisaged positive national healthcare outcomes and the Board is committed to facilitating reforms to set the Authority on a recovery path. This will include structured engagements with several county governments to settle their outstanding bills amounting to more than Kshs 6 Billion,” she said.

KMPDU Secretary-General Dr Davji Bhimji speaking after the KEMSA engagement, expressed optimism that the Authority will undertake the envisaged reforms lawfully.

He said the Board had assured stakeholders and KPMDU members that due process would be followed and staff members will not be victimised.

“We have been given detailed information on the reforms and have been assured that the role of professional stakeholders in the healthcare value chain will be mainstreamed in the reform agenda. We are ready to engage with KEMSA to ensure efficient supply of drugs and other items from KEMSA stores to health facilities,” Dr Bhimji said.

Last week, KEMSA Board confirmed that operations had been sustained through the core management and staffing team. If necessary, the core KEMSA Management Team will be assisted by a multi-agency team drawn from public sector experts.

The multi-agency officers will be drawn from the Public Service Commission, State Corporations Advisory Committee (SCAC), Ministry of Health, Ministry of Public Service and Gender Affairs, Ministry of Information, Communication, Technology and Youth Affairs, Ministry of Defence, The National Treasury and the Ministry of Interior and Coordination of National Government among others.

The reforms at the Authority are part of the far-reaching recommendations outlined in several KEMSA restructuring reports, including the latest KEMSA Immediate Action Plan and Medium Term Reforms Working Committee (KIAPRWC) report. Commissioned by the Board, the KIAPRWC report revealed challenges in critical functions.

The report confirms that KEMSA is grossly underperforming and largely unable to meet clients’ urgent needs, particularly the delivery of essential Medicines and Products to the Counties, Referral Hospitals and Programs.

The Authority is suffering from below-par productivity, with the order fill rate standing at 18% against a target performance of over 90%. KEMSA’s order turn-around time is an average of 46 days.

KEMSA is also suffering from a developing debtor and creditor crisis and is currently owed Ksh. 6.4 Billion by its clients, who are primarily county governments. The Authority owes its creditors Ksh. 4.5 Billion and is operating at 170% above its approved staff establishment of three hundred and forty-one (341) with an estimated staff complement of 922. Pool

The Board, Ms Mwadime said, is committed to facilitating the necessary reforms to ensure that KEMSA challenges are sufficiently addressed. This commitment includes aligning the organisational structure to industry-accepted standards for a health commodities and technologies procurement organisation. It also calls for the introduction of global best practices, including transparent reporting relationships, an acceptable span of control, and command structures, compounding related functions for strengthened accountability and a re-determination of optimal staffing levels and norms.

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Mwananchi Credit Feted as a TopScore brand

The company was voted as the Most Timely Logbook Loan Provider in Kenya as well as recognized as a TopScore Brand in recognition of the financier’s increasing penetration in the country.

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TopScore Brands awards the certificate Mwananchi’s Head of Customer Service , Ruth Moraa and trophy to HR Manager Collins Okello (Photo: Courtesy)

Mwananchi Credit has been recognized as a TopScore brand during the inaugural gala dinner held at the Hilton Hotel last Friday.

The company was voted as the Most Timely Logbook Loan Provider in Kenya as well as recognized as a TopScore Brand in recognition of the financier’s increasing penetration in the country.

 

The company has had an impressive winning streak this year, landing the Best Land Title based Financier at the 4th Annual Real Estate Excellence Awards as well as the Best Logbook Loan Financer during the Annual Automotive Industry Awards, both held recently.

Commenting after the win, Mwananchi Credit CEO Dennis Mombo was philosophical about it “It is not until you are on top of your game that you begin being recognized. However, as I remind my team every day, getting to the top is the easy part. It is staying on there, that calls for a big challenge. The biggest show of a winning spirit is to fight complacency so that you keep emerging the best in subsequent years. We are excited about being recognized as a Topscore Brand alongside Kenya’s other leading brands. But we are more excited about giving the best service to our clients, who are the reason we are on top!”

Mwananchi Credit is one of the most innovative lenders in the market. They have ensured that they are able to meet borrowers’ needs at various collateral levels while easing the process of access to credit.

By providing Emergency Loans, the company has put in place aggressive customer-centric processes to ensure that the timelines between application and disbursement are narrowed to an absolute minimum. This has been enabled by embracing technology such that the KYC process starts immediately upon online application and the subsequent steps are also automated whenever possible. Logbook Loans are provided within less than six hours of application with a disbursement within this Turn Around Time clocking over 98% of the instances.

Mwananchi Credit is one of the leading logbook loan providers in the country. Its diversified product portfolio includes title deed loans, civil servant salary check-off loans, import financing, and asset financing among others.

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Mwananchi ‘s interest holiday for new applicants to mark Customer Service week

Mwananchi Credit is one of the few Micro Finance companies that has managed to grow tremendously during the last year despite the Covid-19 pandemic and this has been strongly linked to improvement of their customer service desk.

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Clients at Mwananchi Credit tent in a past reach out exercise.

Mwananchi Credit will this year mark the Customer Service Week due on Monday 4th till Friday 8th October, in style.

The firm has announced a gracious interest holiday to all lucky clients who make loan applications in specific class categories for the first 3 months of repayment.

This means if you make your loan application during the Customer Service week, and you are among the lucky chosen clients, your interest repayments shall click in January 2022 with only the principal reflecting in the intervening period.

Further, Mwananchi Credit has also announced a penalty waiver for all customers who come to regularize their loan accounts ( that may have fallen behind) during this week.

Announcing the goodies, Mwananchi Credit’s Marketing Manager Boniface Ndonji added,
“ Our growth over the last couple of years has been phenomenal and in big part, this has been simply due to our loyal clients.”

He noted, “As we seek to grow our Mwananchi client family, we also seek to give them have a soft landing, hence our reason to give incentives of our interest holiday.”

Further, Mr Boniface Ndonji said for their current clients who may be facing repayment difficulties, the penalty waivers will hopefully help them to get up to speed.

Mwananchi Credit is one of the few Micro Finance companies that has managed to grow tremendously during the last year despite the Covid-19 pandemic and this has been strongly linked to improvement of their customer service desk.

As they mark this year’s occasion, the company shall have a lot of other exciting range of activities to celebrate their growth with their customers.

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