The rapid advance of financial-technology companies in Africa could help traditional lenders enhance their customer service, said the chief executive officer of Rand Merchant Bank, a unit of FirstRand, Africa’s biggest bank by market capitalisation.
Emrie Brown told the Bloomberg Africa Business Summit in Johannesburg on Monday that the agility of fintechs can play a role in solving domestic challenges faced by big banks, and cited the recent listing of AI-powered fintech firm Optasia Group on the Johannesburg Stock Exchange as a testament to the sector’s explosive growth.
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“We are even partnering with fintechs in say, for example, our transactional banking services,” Brown said. “It is really about focusing on valued-added services, and what your client needs.”
A report from the World Economic Forum found that fintechs play an important role in expanding financial access, with traditionally underserved groups including micro, small and medium enterprises and low-income populations making up a large percentage of their customer base.
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