Friday, November 8African Digital Business Magazine

Tag: Ozow

Fintech, South Africa News

Africa is perfectly placed to take advantage of new payment solutions

Digital innovation has evolved payments solutions at breakneck speeds. Everything from contactless payments, QR codes and digital wallets … consumers today have so many new ways to pay. The big challenge, however, is to ensure that the millions of South Africans who still use cash are able to access these services. “Unfortunately, cash still dominates as the main payment form for millions of South Africans,” says Thomas Pays, CEO and co-founder of Ozow. “This happens simply because of a lack of access to infrastructure, high data costs, and a general mistrust in financial institutions. All of these factors ultimately prevent many consumers from participating in the digital economy.” There is hope, though. A recently published South African Township Marketing Report found that while c...