TechInAfrica – TagPay’s co-founders, Yves Eonnet and Hervé Manceron made a new analysis of the digital revolution named Fintech: The Banks Counter-attack. The analysis is from the book, mentioning that despite the rise of fintechs that challenges the bank sector in developed countries, the African banks are even getting benefits from it.
The analysis was presented from the book where it was held at a press conference hosted in Paris at the headquarters of the leading digital transformation company onepoint. On authors states that Africa is the Silicon Valley of Banking. This statement coming from a confidence that the bank future is being invented in Africa as it has become closer to its customers.
As TagPay is behind the first Digital Banking System (DBS), it does not only provide banks with the open architecture, real-time capability, and agility but also offers a solution that enables a financial institution to be set up in six months.
The authors also say that fintechs have always been fundamental instruments for financial inclusion in Sub-Saharan Africa. The unbanked population is large, but at the same time have increased access to smartphones which is the fastest in the world with more than 350 percent increase from 2007 to 2016. Therefore, the digital bank is an integrated solution to the issues in traditional banking infrastructure.
The book also makes an observation figuring that the popularity of digital banking solutions in Sub-Saharan Africa can be a model of inspiration for the rest of the world. As what is said by the authors, disruptive innovation, the weight of the installed systems is a challenge that is hard to deal with. The continent is making a leap by distributing the digital bank to serve the populations. This kind of invention causes Africa as the bank of the future.
The press conference not only talks about the analysis from the book but also announces a cooperation with onepoint where it is designed to provide integrated digital solutions to banks all over the world.