‘African Fintech Revenues Could Grow by 8X to Reach $30 billion by 2025’
The success of fintech companies is being fueled by a number of trends, including increasing smartphone ownership, declining internet costs, expanded network coverage, and a young, fast-growing, and rapidly urbanizing population. African fintech is the fastest-growing start-up industry in Africa, raising over US$1,3 billion in 2021 alone.
‘African Fintech Revenues Could Grow by 8X to Reach $30 billion by 2025’
The success of fintech companies is being fueled by a number of trends, including increasing smartphone ownership, declining internet costs, expanded network coverage, and a young, fast-growing, and rapidly urbanizing population. African fintech is the fastest-growing start-up industry in Africa, raising over US$1,3 billion in 2021 alone.
With its current upward trend, African fintech can be perfectly poised to quickly advance Africa’s global competitiveness through an increase in the exporting of fintech services globally. African fintech has a significant impact on day-to-day life on the continent.
There are difficulties on these productive soils. The rise of financial inclusion in Africa is being stifled by regulatory uncertainty and regional differences. As a result, the continent’s fintech industry has called for the creation of a Pan-African regulatory organization to provide comprehensive regulatory guidelines for regions as opposed to for entire nations.
With the current emphasis on establishing regulatory policy frameworks for firms, customers, and economies, certain governments and the private sector Regulations – Digital-only banks and fintech are influenced by but separately governed from the rules that apply to the traditional financial system.
There is a worldwide crackdown on corporations that are not in compliance, and more regulatory agencies are putting increasing pressure on companies to comply. To prevent fraud, terrorism, or other illegal activities, this calls for the verification of information received from the client.
The emphasis is also on consumer centrism, which calls for fintech to be cautious in educating consumers about the effects of previously unavailable services and goods and safeguarding them from being taken advantage of. Data privacy and security must be protected since stored personal customer data is vulnerable to hackers. Companies in the fintech industry are required to conform and have the required security systems and policies to protect sensitive data.
Four sub-Saharan African cities, Johannesburg, Nairobi, Lagos, and Cape Town, are featured in the Global Fintech Index of 2020 list of the top 100 fintech ecosystems and get the majority of the continent’s funding for fintech start-ups.
The nations represented by the aforementioned four cities have made substantial progress toward regulatory frameworks intended to safeguard stakeholders. While certain approaches to laws are universal across nations, others are specific to each market’s difficulties. What is certain is that these policies are evolving quickly as technology availability enables this sector to grow considerably.
No matter how big the company, these changes make it impossible for it to succeed because of the expense and/or inconvenience they generate by having an effect on every stage of the customer relationship lifecycle.
Two of the four African cities that are represented in the top 100 Global Fintech Index are located in South Africa, where Bizzamm is from. Bizzamm is a user-friendly, clever, and reasonably priced application that gives its users the power to automate their businesses.
With an all-in-one tamper-proof, end-to-end document management solution on a blockchain, Bizzamm is the future of affordable business processing. It offers management, solutions, and control over the rising regulatory demands mentioned here, but most importantly, it puts a strong emphasis on customer convenience.
In relation to the four points mentioned above, Bizzamm provides a non-exhaustive range of tools to help with and manage compliance, such as the ability to design unique document templates, using verification, validation, and necessary fields. The highly secure yet flexible cloud environment where Bizzamm is housed keeps data safe and offers convenience when searching for documents by setting automatic reminders for actions required by specific parties by specific dates.
Only authorized access and authorized changes to documents are permitted with role and permission-based access. When a document is completed, Bizzamm’s electronic signature is attached to the blockchain, giving it an immediate unique digital fingerprint, a permanent record of production, and the ability to be tamper-proof.
Globally, laws governing the secure collection, storage, and processing of sensitive client information are becoming more comprehensive, all-encompassing, and enforced. Businesses can easily, practically, and affordably become compliant with Bizzamm in a way that benefits their clients.
