The Rise Of African Fintech Is Changing The Way Africans Transact
Fintech is disrupting the way ordinary Africans manage and use money. And these fintech players are standing up to traditional institutions as a force to be reckoned with.
Accenture estimates that over one-third of mainstream financial services’ revenue is at risk due to disruption in the industry from fintech. Many reports show how the rapid development of African fintech, which exploded in the years following the 2008 global meltdown, is threatening established players in the mainstream financial services sector.
Africa is fertile ground for new fintech services which are leveraging the power of communities and social media to make financial services more relevant, while using data to deliver more meaningful financial services on an ongoing basis. In my role as head of AlphaCode, a club for fintech entrepreneurs – an initiative of Rand Merchant Investment Holdings, I meet these motivated and innovative entrepreneurs daily.
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