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Fintech Innovations Overshadow Banks In Africa

Fintech Innovations Overshadow Banks In Africa

Brandon Kostinuk makes reference to President and CEO of the San Francisco Federal Reserve John C. Williams’ comment during a presentation he gave to the #Lendit USA 2016 conference.

Williams says:

“Globally, we’re seeing the emergence of #paymentsystems via #mobilephones in places where the vast majority of people are #unbanked or #underbanked , but have cell phones. Instead of paying huge fees for bank-like services, it’s all done through text or the touch of a few buttons. This has made its mark in some areas, is starting to gain a foothold in others, and even has potential here.”

.... The #SubSaharanAfrican region, according to a report released by the European Investment Bank ( #EIB ) last July, “leads the world in mobile money accounts: while just 2 percent of adults worldwide have a mobile money account, 12 percent [64 million adults] in SSA have one.”

Of that 64 million, 45 percent listed their mobile money account as the only account they possessed.

The evidence in Sub-Saharan Africa (SSA), as stated by the #WorldBank , is that “mobile money accounts can drive financial inclusion,” even in a region where the financial systems are underdeveloped, where the banking sectors are typically concentrated and are generally inefficient at financial intermediation, according to the EIB.


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