In The Know Vol.7 - Africa is part of our DNA
Africa is a part of our DNA 🌍
At Ukheshe, Africa runs through our veins, and our connection with this beautiful continent goes beyond business - it’s personal.
As a company founded on the principles of financial inclusion, we understand and have experienced first-hand the transformative power of accessible financial services for individuals and communities.
For far too long, Africa has grappled with legacy infrastructure and limited access to formal financial services, stunting the growth of the continent's vibrant economies. In our quest to address the long-standing problems of the unbanked and underbanked, we embarked on a mission to empower businesses across Africa. We recognized that by supporting banks, fintechs, and telcos, we could create a ripple effect of positive change that would extend far beyond our individual reach.
The financial landscape in Africa 📲
In Africa, financial inclusion is not merely a goal; it's an imperative. Africa is home to 1.4 billion people but 57% of the population still do not have access to a bank or mobile money account. SMEs also play an important part in driving economic growth, as they represent 90% of all businesses in Africa but legacy tech and traditional banking systems have, at times, hindered progress and left remote areas underserved.
While there remains a large majority of unbanked individuals spread across the region, native digital services, including digital wallets, cross-border payments, and online banking have helped SMEs and MSMEs leverage the opportunities provided by fintech.
Access to the right financial tools could make the difference between surviving and thriving. Nowhere in the world is the potential impact of fintech greater, than here in Africa.
One of our favourite success stories is that of mPesa. mPesa has become a groundbreaking example of mobile payments' success. It has revolutionized financial services in Kenya and beyond, with over 40 million users across several countries. mPesa's success lies in its simplicity and ease of use, allowing users to send and receive money, pay bills, and access credit directly from their mobile phones. This success story has demonstrated the immense potential of mobile payments in Africa and has inspired other countries to develop similar mobile money platforms to promote financial inclusion.
A bright future for Africa 🔆
Let’s get real for a moment 🖐️
Africa may have its fair share of problems, but we believe in the resilience of this continent and its people. It’s this belief that drives us to work hard, strive for more, and to empower Africa through financial inclusion.
We see opportunities where others see challenges. Africa's youthful population, with 70% of sub-Saharan Africa under the age of 30, presents an unprecedented opportunity for fintech adoption. Our digitally native young generation, growing up amidst the smartphone revolution and faster internet access, holds the key to unlocking mass fintech adoption that can transform lives.
We envision a future where every individual, every business, and every community has access to the financial tools they need to thrive. It's not just a dream – it's something we're actively working towards.
Africa’s potential is boundless, and we are privileged to be part of its unfolding story. Together with our partners, clients, and the communities we serve, we’re shaping a financial landscape that embraces all Africans, leaving no one behind.
Top Stories in July 📰
Africa has barely scratched the surface of digital banking and contactless payments
Africa has made progress in digital banking and payments but further development and investment are needed to overcome current barriers and deliver long-term financial solutions.
Near-term opportunities for fintech in Africa are abundant, with revenues for domestic e-payments expected to grow by 20% annually, reaching over $40 billion by 2025. But if Africa wants to live up to its potential, the collaboration between traditional banks and fintechs and increased investment in digital infrastructure are essential for the continent’s growth in the digital payment landscape.
The Future of Fintech in Africa [Report]
Africa is poised to become the fastest-growing region as the global fintech industry is projected to reach $1.5 trillion by 2030. Although Africa’s fintech journey is still in its infancy, the demand for fintech solutions is creating a wealth of opportunities on the continent.
18% of the world’s population lives in Africa, and 57% of Africans are ‘unbanked’, living without a bank account or a digital wallet to their name. By leveraging technology, fostering collaboration, and embracing forward-looking regulations, the fintech industry can revolutionise the financial services landscape and improve access to critical financial products and services in Africa.
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Embedded finance in the age of e-commerce
In this digital age, consumers value the convenience and simplicity of online shopping. Embedded finance is taking it a step further. By integrating financial services into non-financial platforms, embedded finance is creating a seamless and unified experience for consumers, at their point of need.
From payments to loyalty, it is revolutionising the way we interact with financial services on a daily basis.
Hear from Paul Selibas, Head of Software Engineering on the influence of embedded finance on the future of e-commerce.
Expanding horizons: How BaaS can help African banks
African banks are at an inflection point: The global banking landscape is changing presenting both challenges and opportunities.
BaaS has emerged as a preferred model for forward-thinking banks around the world. Banks can leverage the expertise and infrastructure of third-party providers, and focus on their core competencies while benefiting from ready-made services and customisable solutions.
BaaS is an opportunity for African Banks, but how does it benefit them? 🤔
Unravelling the psychology behind UI/UX design
UI/UX design is not just about aesthetics; it's a strategic art that influences our online behaviour.
From strategic colour choices that evoke emotions to clever layout positioning, every element is created to create a seamless and compelling user journey.
Explore the principles behind UI/UX design in our latest Fintech for Humans blog
The gift of giving on Mandela Day
We spent the morning of Mandela Day giving back to the people at the Sithandile Michaels Foundation. We got to know the amazing individuals behind the foundation and talked about their vision, goals and challenges when trying to support the community they serve.
The Sithandile Michaels Foundation supports the local community through a number of initiatives including food programs, education, and training. The Kcobodo Training Center (KTC) offers a variety of SAQA-accredited courses across IT and administration in an effort to educate the community and support them in their career journey.
Mandela Day is all about paying tribute to his values and principles, which were deeply rooted in the African philosophy of Ubuntu, emphasising the interconnectedness of all people and the importance of community and compassion.
To contact or find out more about the work happening at the Sithandile Michaels Foundation and the Kcobodo Training Center, please visit their websites: https://www.smfoundation.co.za, https://www.ktccollege.co.za.