The rise of African fintech is changing the way the continent transacts.
Read the full article at: www.itnewsafrica.com
The mushrooming of new and successful fintech companies on the African continent can be directly linked to innovations that meet the needs of historically under-serviced market – the unbanked. This has seen fintech itself become a facilitator of economic growth in Africa. It is lowering the barriers to entry for consumers by playing a development role and helping to reduce financial exclusion. And financial inclusion combined with a strong financial sector is the backbone of any thriving economy
Some African fintech success stories include TYME, Wigroup, Zoona, Rainfin, and Snapscan. These companies succeeded while others failed due to their products being easier to distribute to users. Their systems were also tailored to each new market, a necessity in Africa where each new market is substantially different than the last.
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