Banks Are Investing in Fintech to Reach the Unbanked in Africa and the Middle East

Despite the popularity of M-Pesa and other similar services less than half of the population in sub-Saharan Africa has bank or mobile money accounts; but recent fintech innovations have lowered the cost for financial institutions to serve their customers; numerous initiatives by local as well as international banks are trying to reach the underserved today in new ways; but bank accounts alone are not enough to improve financial health people need to have a compelling reason to use their accounts. Source.

  • Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.

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