Fintech may have a more profound impact on financial services in Africa than in Europe or the US. This is according to the more than international fintech pioneers who gathered at the Radisson Blu Gautrain, Johannesburg for the Finnovation South Africa 2018 summit. The fintech pioneers who included African digital pioneers, investors, policymakers, entrepreneurs and leading bankers also explored how the major banks and financial institutions in South Africa and across the continent are addressing the digital transformation of financial services; and how their own digital innovations are being shaped and accelerated as a result of the gathering momentum of Fintech disruptors. The impact of Blockchain, Digital Wallets, Cryptocurrency, ICOs, Open Banking, Mobile Money and Payments i
Accelerator programmes in Africa are increasingly going niche, targeting specific programmes targeted at startups in spaces such as fintech and health, instead of following the more traditional 500 Startups, Y Combinator, or, in Africa, 88mph models. But why are niche programmes suddenly so in vogue on the continent? Has the landscape changed since 88mph departed the scene after programmes in Kenya, South Africa and Nigeria that had mixed success? Do we yet know the real ingredients for a successful African accelerator? Adedana Ashebir is regional manager for Africa at Village Capital, which has run a host of focused accelerators across the continent, most recently a fintech programme with PayPal. She said niche accelerators allow entrepreneurs to share best practices and lessons lea...
Investment in fintech sector is seen as an investment hot ticket. While the 2015 edition of the EY FinTech Adoption Index estimated that fintech was still in its infancy, the 2017 edition found that adoption had risen dramatically to one in three. “But while it’s clear that digital start-ups and first round investments in fintech are growing and that the digital revolution in banking is well and truly here, what hasn’t yet been mapped is the impacts on banking’s biggest players,” says Mark Fitzgerald, Director – Government and Enterprise at FaceMe. In its report, Banking disrupted, Deloitte suggests that the future of European retail banks is looking rather grim. Rocked by the wake of the financial crisis and the ongoing shakings of re-regulation, retail bankers face the threat of to
Cellulant, an African digital payments service provider bagged $47.5 million from Rise Fund, an impact fund run by private equity group TPG Growth though details of the stake still unclear. The investment is not only currently Africa’s largest in the fintech arena but also it is unique to Cellulant as the company is “for Africa, by Africans, in Africa” according to its mission statement. “Across Africa, expanding easy-to-use and low cost mobile banking offers immense potential for impact and Cellulant is at the leading edge of that work,” said Bill McGlashan, CEO and co-founder of The Rise Fund in a press statement. “We’re excited to invest in African entrepreneurs like Ken and Bolaji to help them grow their businesses and expand their impact on society. Cellulant is a perfect part
With the rapid and sustained growth of the fintech sector in East Africa, in particular in Kenya, there has been a sharp rise in demand for skilled leaders to fill positions, and companies are looking globally in their talent search. “Because of the limited supply of leaders who have a strong technical background in fintech disciplines including data science, analytics and data engineering, but who also have experience working in Africa, South Africa is considered to be a great pool from which to fish when filling these roles,” says Debbie Goodman-Bhyat, CEO of top local and continental search firm Jack Hammer. She says there is tremendous opportunity and growth in East Africa, because of the development of a unique eco-system primarily leveraged by mobile money services such as MPes