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An African Match: Fintech and Telecommunication Services

Matchi Trend Report - Digital Account Origination

Telecom and fintech companies have been instrumental in highlighting the right of every African to basicfinancial services through their mobile phones. Even though large parts of the continent remainunderdeveloped in terms of having a functioning financial services sector, telecom companies have been producing solutions to millions of Africa’s unbanked mobile users to enable them to buy goods, transfer money, pay bills and access other banking services.

According to a 2016 BCG report, only 25% of Africans have regular bank accounts as financial service providers haven’t made the continent a priority due to the high cost to serve and low margins of traditional bankaccounts in Africa.

 

 

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