How Fintech Can End Poverty In South Africa

South Africa is a country rich in opportunity. One particular industry that is taking off is the Financial Technology (or FinTech) industry. If we look at developed countries around the world, almost every financial institution has moved online and into the digital environment. A good local example is FNB and their innovative e-Wallet money transferring service.

As with all technology that adds value, we know that eventually the whole world will embrace adoption. Some experts even say that there will come a time where the idea of physical money will disappear completely. In order to reach this vision, we need to look at FinTech as the main enabler.

‘FinTech’ is an umbrella term and can mean quite a few things. It could be a simple microfinance platform that operates only through the webs or mobile application, or it could mean something as extensive as the blockchain network which also operates completely online.

But this only tells us half the story. Developed countries have this technology in abundance. In Sweden, almost 10,000 of their citizens use an implanted chip in their hands to execute transactions as we would with a traditional credit or debit card. It is the least developed countries that need FinTech the most urgently – countries where physical visits to the bank are the only way to receive financial services or withdraw money. Countries like South Africa where a significant portion of our population does not have a bank account and poverty is rampant.

By expanding the presence of FinTech in developing countries, every citizen of the world will have the opportunity to participate in the global digital economy, which will then subsequently drive growth in both inside and outside of the countries.

Our partner, Itakane ICT, is relentless in their pursuit of driving financial inclusivity in Africa. We are also proud to support them in this endeavour as we take their FinTech even closer to grassroots communities.

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