Africa’s fintechs battle for success

While South Africa may have been considered a leader in financial services, a lack of collaboration and limited regulation could mean that local players fall behind.

11 December 2023

Rachel Cowan, Ozow.

According to a recent McKinsey report, cash is still the dominant medium of exchange in Africa. McKinsey estimates that around 90% of all transactions on the continent are made in cash. While the eventual move away from cash is inevitable, this makes Africa a market ripe for disruption and innovation. And for savvy financial technology startups and global investors, this largely untapped market means that there is still a lot of money to be made. As one of the continent’s more mature markets, how does this affect South Africa? What should local players do to ensure that they also capitalise on the massive growth expected in this space?

At a Brainstorm and BCX roundtable in Cape Town, held at the beginning of November, these were some of the questions posed to the business leaders and industry experts in the room.

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