By 2020, Financial Technology (FinTech) space in Africa may hit $3 billion from its current value of $200 million. Currently, the African population consist of 174 million active mobile users and operating money accounts of approximately 100.1 million. The digital platforms available make FinTech attain 57.6% of the world’s financial transactions.
According to the statement released from the ongoing Africa Tech summit in Rwanda, the digital system raises productivity in businesses and banks sectors. Moreover, many people in Africa acquire financial statements very fast by use of the available mobile banking technologies. Furthermore, the online banking users benefit by making online business transactions for the purchase of goods and services.
Moreover, the banks in Africa over the years have attempted to facilitate the development of cashless banking and payments system using mobile apps. The latest Econbank mobile app allows customers from more than 33 countries to pay bills, check balances merchants’ transaction globally. The technology also helps in cutting down bank’s operating costs hence making it accessible and convenience to many users. Furthermore, digital operations help the bank to grab great opportunities, access to new markets and improve on products and services delivery. Despite the existence of other commercial banks, only Ecobank currently allows easy financial transaction between customers over 36 countries worldwide.
Ecobank is the main sponsor of Kigali Rwanda Summit for Africa Tech Summit.