{"id":710780,"date":"2019-09-27T11:42:15","date_gmt":"2019-09-27T11:42:15","guid":{"rendered":"https:\/\/ghana-mma.com\/?p=710780"},"modified":"2019-10-07T21:27:06","modified_gmt":"2019-10-07T21:27:06","slug":"fintech-popularity-increasing-in-africa-and-ghana","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/09\/27\/fintech-popularity-increasing-in-africa-and-ghana\/","title":{"rendered":"Fintech popularity increasing in Africa and Ghana"},"content":{"rendered":"\n

Africa,\nand Ghana in particular, is reaping the benefits of rapid fintech growth in the\nbanking sector. Here\u2019s a fintech guide<\/a>\nto recent developments in the country\u2026Ghana is enjoying significant growth in\ndigitization and high adoption rates for financial electronic platforms. The\nrapid growth of internet banking has led to greater financial inclusion for\nGhana, particularly in more rural areas where branches are scarce. <\/p>\n\n\n\n

A\nreport published last month from the Bank of Ghana cited growth in many areas\nincluding mobile money accounts, banking apps, internet banking and\npoint-of-sale. The growth of digital means more revenue streams, as well as\nless costly transactions and more streamlined processes, increasing banks\nprofitability. In 2018, the number of mobile banking customers in Ghana\nincreased by 84%, and the value of mobile money account transactions increased\nby almost half (43 per cent.)<\/p>\n\n\n\n

Many\nbanks are investing in digitisation, while others are collaborating with\nfintech companies to boost transaction volumes and therefore increase fee\nincome. Moody\u2019s predicts the increase in internet banking will reduce the\noperating costs for Ghanian banks, making them more profitable. <\/p>\n\n\n\n

Many fintech companies have recognised the great opportunities for growth in Ghana, with fintechs such as Chipper Cash and Paris-based Fair Money now holding offices there. Chipper Cash specialises in cross-border no-fee payments, and partners with Paystack, a payment gateway organisation, to offer its P2P<\/a> Payment service via an app. <\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Parisian fintech group FairMoney is also\ninvesting in Africa and emerging markets, opening sites in Nigeria, Egypt and\nGhana. Speaking to Business Insider<\/a>, CEO of FairMoney Larin Hainey said the company\nvision is to build a platform for simple products aimed at emerging markets, to\nbecome a one-stop-shop for financial services. <\/p>\n\n\n\n

According to World Bank, over 2 billion people\nstruggle to access financial services, and the availability of loans in Africa\nis very limited due to the lack of credit scoring systems. FairMoney is aiming\nto provide suitable and accessible services for these unbanked populations.<\/p>\n\n\n\n

Meanwhile, in Johannesburg, Standard Bank has teamed\nup with fintech firm Nomanini to provide credit for retailers and shops that\nwould otherwise have limited access to financial services.<\/p>\n\n\n\n

Standard Bank, Africa\u2019s largest bank, has\ninvested $4m in Nomanini\u2019s systems to enable merchants and distributors to\nconnect via an e-wallet. Standard Bank has an ambitious plan to roll out this\nsystem to 14 different African countries by 2021. <\/p>\n\n\n\n

According to a Deloitte report, 90 percent of\nretail transactions in Africa are cash or via informal routes including markets\nand kiosks. The new technology will enable Standard Bank to gather data on\ntransactions, pre-empting re-stock requirements for traders and supporting them\nby ordering and underwriting their next order.<\/p>\n\n\n\n

Standard is aiming to gain a\ncompetitive edge over the telecoms companies that currently dominate the\ndigital payments space in Africa. For example, Safaricom, the Kenyan mobile\ncompany already enables Kenyans without bank accounts to make digital payment via\nmobile phone through the M-Pesa platform.<\/p>\n\n\n\n

TymeBank, a new digital lender, is\naiming to offer business bank accounts in African markets, while Hello Paisa\nthe money transfer company has teamed up with lender Sasfin to target informal\nretailers.<\/p>\n\n\n\n

It appears the\npenny has dropped for many big players that there is a wealth of opportunity\nfor those prepared to invest in digital.
\n
\n<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa, and Ghana in particular, is reaping the benefits of rapid fintech growth in the banking sector. Here\u2019s a fintech guide to recent developments in the country\u2026Ghana is enjoying significant growth in digitization and high adoption rates for financial electronic platforms. 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