The fintech sector can produce answers to many of the problems South Africans face, whether it be our low savings rate or improving financial inclusion
It’s about being able to save for your future, take out a loan to fund your child’s education or start a business, or just simply insuring your belongingsNews that SA Clickatell raised more than $91m in its latest fundraising round isn’t surprising to those of us who were there when the business was born.
Certainly, having the money is a cornerstone of any successful industry and SA has a number of willing investors, both locally and internationally, in the form of major players like Naspers Foundry, Knife Capital and an established network of angel investors. We’ve also seen our educational institutions supporting the sector.
We’ve already seen the early shoots of micro-pensions in countries like Nigeria, to cater to a large workforce in the informal sector that may not be saving towards their retirement. Micro-savings and investment products, which allow consumers to put away a small amount of money, are perfectly suited to the SA context, where savings rates are low and the cost of living means not everyone can put away set amounts of money each month.
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