Bridging the financial inclusion gap in South Africa requires simplicity and affordability
Financial inclusion remains a major challenge in South Africa, where millions of people remain outside the formal banking system and where higher-income groups have more access to a broader range of financial services. Despite recent steps being taken in the right direction, Andrew Springate, CEO of tech and financial gateway service provider PAYM8 says innovative solutions aimed at meaningfully addressing financial inclusion must also be simple, easy to use, and most importantly, affordable and interoperable.
As the country moves towards digital payment systems, the key to financial inclusion lies in modernising the market and reducing barriers to entry. The adoption of digital payment systems is one way to increase financial inclusion in South Africa, and although there have been severa...