How is Fintech Shaping SA’s Digital Payment Infrastructure?
- Fintech is transitioning from a payment facilitator to a crucial infrastructure provider for commerce and financial inclusion.
- South Africa has a banking penetration of around 80%, yet credit card ownership ranges between 8 and 19%.
- Over 40 million smartphone users exist in South Africa, but many still lack reliable internet access.
The evolution of fintech in South Africa presents a unique opportunity to address existing financial gaps and foster economic growth. By focusing on building a robust digital infrastructure and ensuring inclusivity, South Africa can position itself as a leader in the global digital economy. Continued investment in local talent and collaboration with businesses and regulators will be crucial for realizing this potential.
