Fintech innovation continues to provide solutions to many of Africa’s financial challenges, from apps that give the unbanked access to loans, to companies enabling targeted saving for families.
These firms are changing Africa’s financial landscape through new innovation with apps and software designed specifically for underserved people on the continent.
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Companies in this sector are coming up with new ways to solve African problems.
Here are 10
Kenyan agritech and fintech startup Tulaa assists smallholder farmers in rural Africa to access markets, providing more financial opportunities for those working in one of Africa’s most important sectors through the provision of goods, services and information. The company has over 15,000 farmers on its platform and has sold about $500,000 in inputs such as fertilizer and seeds, Ventureburn reports.
Individuals are not the only market for fintech, as innovations in the sector also cater for businesses and entrepreneurs. Business owners that often move around to sell their goods and services are able to increase revenue through South African company Sureswipe’s Move payment solution. It allows users to easily receive card payments from customers regardless of where they are, according to the company.
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Nigerian mobile platform Paylater assists users to transfer money, recharge mobile airtime and pay bills. It also provides loans for users. Paylater is owned by finance company OneFi, which this month attracted a $5 million debt facility from New York and Nairobi-based debt platform Lendable, according to ITNewsAfrica. The investment will be used to deploy more loans via the Paylater platform.
Kenya’s WayaWaya is a fintech company that provides the ability for individuals and businesses to make transactions into and within Africa. The business was one of five African startups selected as regional winners of the Meltwater Entrepreneurial School of Technology annual Africa challenge, according to MEST.
Akiba Digital is a South African fintech platform that is designed to help users with their savings goals. The mobile-based tool provides users with an artificial intelligence-powered user interface that is designed to help people save towards specific objectives. The app does this by communicating to the user in the form of a character that the company names Gugu.
Loans have traditionally only been a service that commercial banks could offer to clients in Africa, but thanks to a number of emerging
Benjamin Fernandes, the first Tanzanian to attend Stanford University’s School of Business, created fintech platform Nala. It is a mobile app that allows its users to make faster and safer money transactions without having to use the internet. Since its launch in 2017, Nala won the Ecobank Fintech Challenge, the Disruptive Innovation AppsAfrica Award and the Tanzanian leg of the Seedstars competition, according to AfrikaNews.
Piggyvest is an automated savings plaform which enables users to reach their savings targets through a combination of discipline and flexibility. The fintech business now has over 195,000 registered users making use of the app to save money. In 2018 the startup attracted the $1.1 million from a group of investors led by LeadPath Nigeria, according to Techmoran.
Launched in 2018, KudiGO is a Ghanaian fintech firm that provides an integrated, mobile-based retail, payments, accounting, and analytics engine for the retail industry. The startup launched in 2018, and 2019 could be a big year for the business following a successful $300,000 seed funding round. KudiGO plans to expand into more African markets, according to Jbklutse.