Innovation

Moving beyond cash

The key to financial inclusion is technology, and many fintech companies are taking advantage of the gap banks have left.

01 June 2018

Cash may seem old-school, but it really isn’t, with many purchases still being transacted via notes or coins. Yet, we cannot ignore that payment technologies are advancing – and at a rapid rate.

Take, for example, the rise of cryptocurrencies: even South African retailers are pondering allowing Bitcoin transactions, and the South African Reserve Bank is taking a keen interest in this unregulated, virtual currency. Mastercard Southern Africa division president Mark Elliott notes that cash is still king in Sub-Saharan Africa, where only 34.2% of adults have a bank account, and more than 95% of transactions are done in cash. Even in South Africa, where 77% of adults have bank accounts (per Finscope), most transactions are still conducted using cash.

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