Tag: FinTech

Digitisation as Africa’s Great Equaliser in Financial Services

Access to financial services in Africa had for decades been defined by disparities—between rural and urban areas, between men and women, between small businesses and larger enterprises. It meant that millions, especially the continent’s most vulnerable populations, were excluded from the formal economy, curbing entrepreneurship, restricting access to credit, and stifling upward financial mobility for far too long. 

THE RISE OF FINTECH INNOVATION IN SA: GOING BEYOND PAYMENTS TO TRANSFORM ACCESS AND OPPORTUNITIES FOR STARTUPS

The piece, “The Rise of Fintech Innovation in SA: Going Beyond Payments to Transform Access and Opportunities for Startups,” discusses how fintech solutions have revolutionized how these businesses operate, providing access to affordable financial services, business management tools, and support.
This article offers valuable insights into the growing fintech ecosystem in South Africa and its potential to drive economic growth.

Fintechs need to overcome regulatory barriers that limit access to financial services for underserved communities

Nikki Kettles, Licences and Payments Regulation Executive at Mukuru, discusses how regulatory barriers often limit fintech innovation and hinder access to financial services for these communities. She highlights the importance of collaboration between fintechs and regulators in overcoming barriers to innovation and expanding access to financial services for underserved communities. Mukuru’s success in holding 49 licenses across 15 countries underscores its deep commitment to working closely with regulators while expanding financial access.

SME confidence on the rise as GNU promises growth

iKhokha conducted a survey which found that 79% of SMEs are now feeling confident that the economy will grow under the leadership of the GNU, with the fintech noting a 20% increase in working capital distributions in July, attributed in part to businesses recommitting to growth initiatives and investing in their futures.

Fintech’s transformative potential: Empower customers through self-education

The most powerful thing a fintech can do is enable its customers to educate themselves. Mukuru, a leading next-generation financial services provider, started out as a remittance company but has evolved into a platform with a suite of different financial products and services. Mukuru CEO, Andy Jury, says that formalised financial education obviously plays a crucial role in a fintech’s business, but customers that trust and repeatedly use a new product or service, such as a digital store of money, go through a natural learning process and are then more comfortable being exposed to more sophisticated products.

Fintechs are aiding financial inclusion across sub-Saharan Africa

Fintechs are driving financial inclusion in sub-Saharan Africa by providing safer and more affordable solutions for cross-border remittances, reducing costs by 50% in the past decade. These fintechs are enabling people to join the formal economy and access a range of financial services, contributing to lasting financial inclusion in the region.