Isikoqokoqo

Savings Platform · South Africa

BaaS Requirements

October 2026

Isikoqokoqo is a digital savings platform offering fixed-term savings plans (6, 9, and 12 months) to individuals and teams. We operate as the frontend and digital layer; all user funds must be held and custodied at a licensed sponsor bank. This document outlines our technical, regulatory, and product requirements from a Banking-as-a-Service partner.

1. Regulatory & Sponsorship Structure

  • Sponsor bank relationship — Isikoqokoqo acts as the digital layer; user funds held at the licensed sponsor bank.
  • Segregated client accounts — per-user or per-plan sub-accounts, ring-fenced from operating funds.
  • FICA alignment — support for our RMCP; the bank acts as accountable institution for AML/KYC where funds are held.
  • POPIA compliance — data processing agreement with clear data handling and retention terms.

2. Term Deposit Products (Core Offering)

  • Fixed-term deposits — 6, 9, and 12-month lock-in periods.
  • Lock enforcement — no early withdrawal except via our "Break Isikoqokoqo" flow (with break fee).
  • Maturity handling — automatic maturity date tracking and payout instructions.
  • Interest / yield — rate paid on held funds and whether yield can be shared with savers.
  • Deposit cap support — R1,001 per month per plan across all payment methods.

3. Payments & Collections

  • Pay-by-bank / real-time EFT collection with instant confirmation.
  • Card acceptance — or compatibility with our existing Paystack flow.
  • Webhooks — real-time payment confirmation to update plan balances automatically.
  • Voucher integration — ability to credit voucher-funded deposits.
  • No restrictive IP whitelisting — server-to-server calls from our cloud infrastructure must be permitted.

4. Fund Management & Ledger

  • Sub-account / ledger management — track deposits, fee reserves, and withdrawals per plan.
  • Fee reserve mechanism — a 5% fee reserve funded from the key fee (R60 / R80 / R100); bank must hold and draw from this reserve to cover platform charges without touching user savings.
  • Withdrawal processing — payouts to user-nominated bank accounts with real-time Bank Account Verification (AVS).

5. KYC & Identity Verification

  • SA ID verification — real-time ID number validation.
  • Bank Account Verification (AVS) — VerifyNow or equivalent, confirming the account belongs to the user before any withdrawal.
  • Liveness / selfie checks — compatibility with our camera-based selfie KYC flow.
  • One-ID-per-account enforcement — deduplication support server-side.

6. Compliance, Monitoring & Reporting

  • Transaction monitoring — automated flagging of suspicious activity for FIC review.
  • FIC reporting — ability to file Suspicious Transaction Reports (STRs) through the bank.
  • Audit trail — full transaction history exportable for compliance reviews.
  • Monthly statements — per-account reporting for reconciliation.

7. Technical Integration

  • REST API + webhooks — for deposit confirmation, withdrawal status, and maturity events.
  • Sandbox / test environment for development before going live.
  • Clear API documentation and integration support.
  • No restrictive IP whitelisting — confirm server-to-server calls are allowed.

8. Key Questions for the Provider

  1. Can you hold client funds in segregated sub-accounts per saver / plan?
  2. What interest rate do you pay on 6 / 9 / 12-month term deposits?
  3. Do you provide real-time AVS (bank account verification) for withdrawals?
  4. Can you integrate with Paystack, or do you offer your own card / EFT collection?
  5. What are your FICA / KYC onboarding requirements for the sponsor relationship?
  6. Do you support webhooks for real-time payment and maturity events?
  7. What are the minimum deposit amounts and any per-transaction limits?
  8. How do you handle the break-fee / early-withdrawal penalty flow?

Isikoqokoqo · Banking-as-a-Service Requirements · Confidential