The Forgotten Merchants
The winning African fintech will WIN with Merchants. Yes, merchants remain the most important element of the digital finance and payment in Africa. Yet, they are the only cohort that is not deeply considered in policy at all levels. You cannot expect a man in the village, selling bread to part with 2.5% of his revenue just to make it easier for you to tax him better, reduce your burden of printing money, and having his money hit your bank general ledger faster.
Unless merchants can find value in our payment systems, the march to digital finance will be tougher. Yes, they need to see how that new technology can improve their revenues even as the tech simplifies the frictions before their customers. They would not adopt digital payment system just to help banks, governments and taxmen.
Remember – merchants are businesspeople. They want value!
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