Technology transforming
finance: The state of play
in Africa

James Scott Author

James Scott

Head Digital and Platform Services


Africa is emerging as a hotspot for innovation in financial ecosystems.

The past few years have seen Africa emerge as a hotspot for innovation in financial ecosystems. For anybody, anywhere, interested in the potential of technology to transform economic infrastructure globally, Africa is where they will find the future today.

In certain locations, the application of modern telecommunications, digital and mobile technologies to everyday life and commerce is exceeding that which can be found in the developed world.

Some of this change is being forged by uniquely African factors, opportunities, and challenges.

We are seeing this play out in a number of different ways, from diaspora flows back onto the continent, the proliferation of mobile money and the role that corporates are playing to leveraging digital technologies to improve supply chains and connect with their customers.

These are exciting times for Africa indeed, but the transformation is still very much a work in progress.

So, what are we currently seeing in terms of activity and focus?

Getting the user experience right

We are seeing good growth in smart phone penetration and with that a big focus on getting the customer experience right. Building and deploying products and services into consumer’s hands with the right kind of experience is a big driver for many of the various players on the continent.

The underlying payment rails have evolved rapidly with mobile money and banks modernising some of their payment capabilities, that the consumers are starting to enjoy new and innovative ways of moving funds across the continent.

There are several Fintechs entering this space, finding parts of the value chain where there are underserved client needs and are building and deploying innovative solutions into these areas.

African start-ups are providing great solutions to real problems and this is a trend we believe will continue to scale.

Another important trend on the continent is the role aggregators are playing given the fragmentation of services across the continent. There are market nuances, regulatory environments as well as a diverse range of market participants in African markets.

Given this diversity we have seen the emergence of some very strong aggregators to start joining up the pieces, particularly in the cross-border space.

With mobile money becoming so pervasive, but individual networks being different in complex ways, this aggregation factor is key to making the whole landscape work seamlessly.

We are also starting to see these aggregation mechanisms drive stronger connectivity between the continent itself and the wider global markets.

All hands-on deck

All these moving parts amount to the creation of a whole new ecosystem – no one single provider or part of the market can square the whole circle. Collaboration and network-forming is the order of the day.

While there is understandably a lot of focus on the smaller fintech disruptors, incumbents such as traditional banks and regulators are also very keen to get involved.

Big foreign institutions are also eager to be involved, and not just financial ones – given the centrality of online and mobile to these new systems, big tech companies can also see opportunity.

This is an exciting time for the continent and as always Africa has the potential to accelerate its development in this space.

James Scott Author
James Scott

Head Digital and Platform Services

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