Browsing: african telecoms and mobile money

fintech

Bridging the financial inclusion gap in Africa

Industry and Trade
  • Today, many Africans struggle to manage their finances, often using up their salaries before they even receive them.
  • This struggle is partly due to a failure of financial inclusion, which is a chance for all individuals to access financial tools.
  • Financial inclusion is a means of reducing inequality and bridging economic gaps.

Financial inclusion is a concept that transcends economic borders, embodying the idea that access to financial services is a fundamental human right that can empower individuals to build wealth and improve their lives.

While financial inclusion might appear irrelevant to those who seemingly have access to financial tools, it's imperative to recognize that a significant portion of the global population, particularly in Africa, still faces barriers to formal financial services.

According to the World Bank’s 2021 Global Findex report, up to 38 percent of adults in developing countries remain unbanked.

Financial inclusion means bridging gaps

At its core,…

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Flat I 31

Are Mobile Operators the next Fintech Startups?

Opinion

Africa’s leading Mobile Network Operators (MNOs), MTN, Vodacom and Safaricom, have recently made bold plans to venture into the increasingly dynamic world of fintech. On 23rd June 2021, Safaricom launched its super app, which creates an ecosystem of mini-apps from the network operator as well as third-party apps that feed off the super app[1]. A month prior to this development, Safaricom, the leading MNO in Kenya announced plans to release an Application Protocol Interface (API) for the super app to enable third-party app developers to build more products and services on top of the super app[2]. This means the super app is going to be an app store that consolidates the reach of Safaricom.

In May, MTN also announced plans to become a tech platform to rival the likes of Apple and WeChat as part of their Ambition 2025 which is currently being implemented[3]…