5 Reasons Fintech In Africa Is Different From The Rest Of The World

Avatar
Written by Staff
Mobile Phone Subscribers
A mobile money vendor in Kigali, Rwanda. Photo: Will Boase, Getty

Innovation is boosted by integration of new technologies

The innovative power of fintech in Africa is boosted by the convergence of different technologies to resolve logistical and distribution challenges. In developed markets there are exciting innovations in big data, internet of things (IoT), cloud computing, software as a service (SaaS), on demand services and blockchains. In Africa we see the same innovations, but they are often even more effective because they are integrated in one application. It is the convergence of these technologies that creates an accelerated rate of innovation. Nomanini is again an example of this kind of integration: their devices are connected (IoT), delivering digital services on demand, managed through a cloud based service (SaaS) that captures the data and enables distributors to manage large networks of informal merchants or mobile money agents remotely.