Analysis in brief: Financial technologies (Fintech), most notably doing banking tasks using a smartphone app, have become a way of life for many Africans, clearly showing the future of African financial services. While traditional banks are offering mobile apps of their own, they are also embracing Fintech start-up firms run by savvy young entrepreneurs bringing new ideas.
From pandemic life-saver to post-pandemic financial essential
The Covid-19 pandemic devastated African economies, while at the same time forever reshaping these economies by accelerating the way Africans conduct business. Confined to their homes, some Africans could still order items at online stores and restaurants for residential delivery, pay bills and transfer money. Post-pandemic, as the number of smartphones increased (in some countries, surpassing the number of people), online apps enabled a diversity of financial services. The Fintech that created these instantaneous services, which lessened the destructiveness of the Covid pandemic by enabling financial transactions online, have shown the way forward for the financial industry.
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