A Kenyan startup has launched UsalamaPIN, software that can protect up to 90 per cent of an individual’s account value in the case of ATM fraud.
UsalamaPIN is a panic PIN that account holders can use when held under duress.
When the PIN is entered, it produces a false interface showing of 10 per cent of the account value, thus making the criminal believe they are removing the full value of the account when in fact they are only removing 10 per cent.
Security is the core business of Usalama Innovative Technology Systems Limited, a startup founded by Denis Karema and Tolbert Omin Derek in the Sinapis Accelerator.
Karema, a computer science graduate currently completing his MBA at University of Nairobi, came up with the idea after a discussion over various theft incidents.
He eventually came up with the Usalama – Kiswahili for “security” – idea with Derek, who currently works at Equity Bank as a software developer.
Karema’s challenge is to convince people to accept the new project, saying it is hard building something from scratch and trying to convince people about it.
“My challenge is to convince people about this project,” he said. “My goal is to be a market leader in technology security and I am keen on consultancy services to know more about start-ups”.
According to the founder and executive director of Sinapis Courtney Mills, Sinapis Capital is investing US$30,000 in Usalama to help the company complete product development of its two highest potential products, UsalamaME and UsalamaPIN, and to enable a successful market strategy for these two products.
Usalama’s other products include UsalamaSPY, UsalamaPAD, UsalamaME and UsalamaMOBILE.
