FinTech Ecosystem in South Africa: Accelerating the Digital Transformation of Banking & Financial Services

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Jul 24, 2019

The impact of Digital Banking, Blockchain, AI, Mobile Money, Digital Wallets and Payment innovations are radically transforming the financial services landscape as FinTech disruptors intensify the challenge to Incumbent Banks in Africa and kickstart new growth opportunities.

Johannesburg, South Africa: Africa’s financial services landscape continues its dynamic evolution as the rapid growth of FinTech on the continent drives both the disruption and leapfrogging of legacy systems and further accelerates the digital transformation of financial services. Digital innovation is disrupting and reshaping financial services at a rapid pace, and incumbents and challengers alike need to be attuned to the evolving expectations of their customers. In South Africa, the major banks are rapidly starting-up their own innovation strategies and collaborating with new game-changing players to drive efficiencies, make digital profitable and capture new markets.

South Africa’s FinTech adoption rate is expected to experience a major leap over the next few years. EY’s Global FinTech Adoption Index 2019 depicts the 82% Consumer FinTech Adoption in South Africa and is expected to increase even further, with the country ranking third in future growth behind only China and India, and sharing the position with Russia. The epicenter of the African FinTech’s, South Africa harbors about a third of the firms. There is a greater number of technology hubs in South Africa than any other country on the continent and the country enjoys a more significant amount of national and international investment in the sector. South Africa is clearly in the midst of one of the most exciting phases of innovation and disruption in the financial sector.

The hugely successful events in our Finnovation World Series in Uganda, Ethiopia, Kenya and South Africa saw more than 1200 thought leaders, FinTech pioneers, bankers, investors and government policymakers representing the foremost financial institutions from across the continent gather to address how FinTech can contribute to the positive and profitable transformation of financial services in Africa. Against this dynamic backdrop, Finnovation World is excited to announce the latest FinTech conference of the series with the launch of 2nd Edition Finnovation South Africa 2019, which will be held on the 1^st October 2019 at the Protea Hotel By Marriott, Parktonian, Johannesburg. The event will seek to harness the FinTech revolution to boost strategic economic priorities such as financial inclusion and deepening – and how FinTech can make a positive and profitable difference in Africa.

With a focus on the most significant technologies driving the financial services paradigm shift, including Blockchain, Banking & AI, Payments Innovation, and Mobile Money & Digital Wallets, Finnovation South Africa 2019 also features a number of innovative sessions such as The Wolves’ Den, Founder’s PainPoints, Collaborate2Accelerate, Inside the Investor’s Mind, and live-on-stage interviews with International Finnovators and African FinTech pioneers.

Speaking at the announcement of the launch of 2^nd annual Edition of Finnovation South Africa 2019,

Chris Principe, international FinTech thought leader, said that “A very positive story if one that is not yet well understood, is unfolding in Africa. New technology, new ideas, and new business models are producing new opportunities. The distinctions between telecom services providers, payments services providers and financial institutions are breaking down. In virtually all African countries, there are sufficient numbers of mobile phones ‐ which are not necessarily smartphones ‐ for previously unbanked people to have access to high-quality financial services at low cost. Innovative companies are using Blockchain technology and crypto‐currencies to resolve fundamental problems such as lack of access to electricity and lack of access to global financial markets. Finnovation Ethiopia highlights how FinTech is transforming Africa for the better, facilitating payments, boosting financial inclusion and developing new enterprises. However, the conference does much more than that, as it engages key stakeholders to reveal how the entire world is changing. In many ways, Africa is a FinTech leader, rather than a follower.”

Combining a highly innovative and interactive event format with world‐class speakers and more than 300 carefully selected participants, Finnovation South Africa 2019 will take place at the Protea Hotel By Marriott, Parktonian, Johannesburg on 1^st October 2019 and will tackle the most pressing questions for the progress of FinTech in Africa, providing a platform for all stakeholders to engage in creating the future of ﬁnancial services on the continent – from established banking powerhouses to FinTech start‐ups.