For all the hype about the potential effect of fintech on banking services in the developed world, technology’s impact on Africa has been plain for all to see for some time. Over the past 20 years, millions of citizens have gained access to banking services without ever setting foot in a traditional bank branch, enjoying the benefits of mobile banking before Apple launched its first iPhone.
The spread of mobile banking services on the continent occurred for the most part using the most basic USSD mobile technology – available on the simplest and cheapest mobile phones – and with minimal investment in additional infrastructure. As Africa’s mobile banking revolution progresses into its second decade, it shows no sign of slowing, with key markets opening up for the first time, and smarter technology poised to offer a fuller service offering on even simple devices.
