Mark Dankworth of UkhesheTech highlights fintech trends changing the face of payments in EmergingMarkets ~
Last year saw an unprecedented rate of change in the financial sector, with huge growth in the use of digital financial services.
Fintechs will continue to drive financial inclusion, assisting in the creation of an accessible and sustainable digital economy for all, particularly across developing nations. Africa’s large unbanked and underbanked population, together with the increase in mobile penetration creates fertile ground for fintech innovation, providing much-needed economic independence to those outside the formal banking system.
Traditionally dealing only in cash, the ease of use, affordability and accessibility of digital wallets, mobile POS solutions and QR code payments are changing the way these merchants transact, giving them access to loans, insurance and other vital financial services previously out of their reach. The buy now, pay later movement is gaining momentum after kicking off during the Covid-19 economic crisis when companies sought to help customers struggling to pay their bills. This method of deferred payment allows buyers to increase their cash flow and budget more easily by splitting payments into four or six instalments – interest free – and is expected to drive the growth of ecommerce further as more retailers get on board.
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