Disruptive innovation in the financial sector is a poignant to the dinosaurs of the industry whose cognitive capacity revolves around archaic models and deceptive immortality. Inasmuch as fin techs can be poignant to the status quo, they reflect and bear refreshing qualities that are concealed in sustainability and inclusivity.
As we speak for Zimbabwe and Africa, it is worth noting a critical time for innovation has presented itself today, for the sake of sustainability and inclusive growth.
Specifically looking at the financial industry and its trappings of fascination, the efficacy of the current approach is brought into question upon the realisation that only 34% of the adults in Sub-Saharan Africa (according to the World Bank's Global Findex Report) have a bank at a formal financial institution.
This calls for the need of innovative disruptions in Africa’s financial sector. Fin techs which capture the caveats of sustainability and inclusivity are vital if there is real desire to build a resilient financial system.
Whilst most Africans have traded the long bank queues for the mobile wallet it is a concern that not every product feature has been captured by mobile payment systems. As a fin tech, mobile money is not fully incorporative of the basic human financial needs.
As much as it is not as corrosive as traditional banking, mobile banking has facilitated a leaning board for the adoption and nurturing of fin techs.
What Africa needs at the moment is a revolution in fin techs which enunciate a structured path which is incremental, repugnant of risk, sustainable and inclusive.
Just as they are now able to transfer money via tweets in France, why can’t Africa find an easy mode of transaction?
Fin techs are the future and investment in the future saves nine!
As we speak for Zimbabwe and Africa, it is worth noting a critical time for innovation has presented itself today, for the sake of sustainability and inclusive growth.
Specifically looking at the financial industry and its trappings of fascination, the efficacy of the current approach is brought into question upon the realisation that only 34% of the adults in Sub-Saharan Africa (according to the World Bank's Global Findex Report) have a bank at a formal financial institution.
This calls for the need of innovative disruptions in Africa’s financial sector. Fin techs which capture the caveats of sustainability and inclusivity are vital if there is real desire to build a resilient financial system.
Whilst most Africans have traded the long bank queues for the mobile wallet it is a concern that not every product feature has been captured by mobile payment systems. As a fin tech, mobile money is not fully incorporative of the basic human financial needs.
As much as it is not as corrosive as traditional banking, mobile banking has facilitated a leaning board for the adoption and nurturing of fin techs.
What Africa needs at the moment is a revolution in fin techs which enunciate a structured path which is incremental, repugnant of risk, sustainable and inclusive.
Just as they are now able to transfer money via tweets in France, why can’t Africa find an easy mode of transaction?
Fin techs are the future and investment in the future saves nine!