Updated: Oct 7
The continent of Africa has seen impressive growth in financial inclusion in the past few years. This is largely due to the digital innovation of financial services and the partnerships of banks with fintech innovators to deliver these services. The future of the financial landscape is digital, but how did that come to be exactly?
From the introduction of mobile banking via M-PESA to other innovations that have helped the unbanked population have access to formal financial services, here are some innovations in Africa that have continuously driven financial inclusion in the continent.
First launched in Kenya in 2007, M-PESA is a pioneer in wireless payments not only in Africa but also in the world over. M-PESA started the concept of transferring money to and from the user’s account via their mobile number. Through this mobile phone-based money transfer service, users can safely deposit, send, and withdraw funds using their mobile devices.
Offered through M-PESA, M-Shwari is a remote banking service that enables users to make micro-savings and take out micro-loans in times of need. Much like M-PESA, using M-Shwari does not require the customer to go to a physical bank branch because it is fully operation via a user’s mobile device.
Derived from the term “more cash,” MoKash is a money-saving app with two main products — the MoKash Deposit Account and the Mokash Loan Account. Through MoKash, users can attain their savings goal and take out short term loans when needed. All of these can be done from the customer’s mobile device.
Similar to a savings account but tweaked to ensure that users don’t touch the money they intend to save, PiggyVest is an online saving and investment platform in Nigeria that automatically keeps a percentage of the user’s earnings and limits the number of times they can withdraw from their savings account in a year. It helps users become more disciplined in saving money and being financially literate.
PesaChoice is a payment solution in Rwanda that enables its users to manage their bills conveniently and cost-effectively. Through PesaChoice, customers can pay bills, make payments, buy calling cards, and send money instantaneously. PesaChoice is one of the many companies that contribute to the improvement of the financial sector in Africa.
BanqIn (A Product of Bank-Genie) is a Singapore-based technology solutions provider with an office in Ghana and a representative office in Kenya. It is an instant all-in-one comprehensive banking platform for microfinance institutions, credit unions, rural and thrift banks to reach those who remain unbanked. BanqIn reduces risks, increases productivity, and extends reach to the unbanked to unlock financial opportunities for its customers.
Bank-Genie Pte. Ltd. is a Singapore-based company incorporated in 2016. For banks and financial institutions who are driving towards digital transformation, Bank-Genie is a future-focused technology partner that helps enrichen the banking experience.
Bank-Genie has a proven record across markets of Asia and Africa with its Interceptive Banking Technology. Bank-Genie Pte Ltd is funded by SBI Ven Capital Pte Ltd and FMO, the Dutch Development Bank.