5 Reasons Fintech In Africa Is Different From The Rest Of The World
Big data is a bigger game changer in Africa
Big data has the potential to be an even bigger game changer in Africa than in developed economies. Because mobile payments and mobile usage are allowing for data to be collected about people we previously knew very little about, the opportunities that spring from this data are much bigger. We can identify particular needs and demands in certain markets, which gives us a unique advantage in shaping the way financial services are being delivered.
Two Goodwell Investments portfolio companies are good examples of this. Nomanini is aiming to have one million of its point-of-sale devices in the hands of informal market merchants by 2020, selling various virtual goods, such as airtime and electricity credit. This way, it will build up a huge amount of data, data which has until now been lacking in informal markets. The same can be said of Musoni Systems, which through its cloud based core banking solution is building up a tremendous amount of information, previously unavailable, on small scale financial service providers and low income end-users. This makes companies like these unique.