SmartSwitch Botswana, a subsidiary of Lesaka Technologies, which is listed on the Johannesburg Stock Exchange, has launched a biometric-enabled smart card platform aimed at the country's underserved and underbanked areas.
According to the fintech, the technology allows food grant beneficiaries to securely receive, save, and spend monies at local merchant outlets while collecting interest on unspent amounts.
The beneficiaries are given a monthly allowance on a SmartSwitch card, which they can use at over 1,200 local stores. Each transaction is validated via biometric verification, which ensures security and privacy.
The solution was developed in response to a Ministry of Local Government procurement to modernise Botswana's paper-based food system.
According to SmartSwitch, the prior system was plagued by inefficiencies, a lack of choice, and social shame, and it failed the individuals it was supposed to benefit.
The company asserts that the platform is similarly transformative for merchants because payments are settled within 48 hours, enhancing liquidity, and competition among stores has increased service quality, benefiting end customers.
“Although we applied cutting-edge technology to the challenge, we also knew we needed to create a deeply human solution to address the audience’s needs,” said France Mabiletsa, managing director of SmartSwitch Botswana.
He adds: “We’re not standing still. We're reinvesting in the system to do more for more people. It is our aim to continue to be a trusted partner to the government, a reliable ally to merchants, and a gateway to dignity, choice, and empowerment for thousands of people in Botswana.”
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