FinTech: The battle for control of Africa’s financial sector

Mail & Guardian


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Image: Iringa, Tanzania. Image credit Brian Harries via Flickr CC.

bout 1.4 billion people worldwide are “underbanked”. They do not have bank accounts as they often work in the informal economy and lack stable incomes or assets such as land titles to borrow against. About 60 percent of the underbanked live in Africa. The underbanked in Africa are, however, a goldmine for so-called FinTechs, companies that gather and analyse data to gain financial intelligence on customers. (...)