This Shows Why Fintech is Promising in Africa

#1 · March 6, 2018, 6:28 AM

Bill Gates noted that banking is necessary but banks are not. According to McKinsey, African banking market is the second-largest in growth and profitability. But hey, as Chase Bank (Kenya), Barclays Kenya etc noted, you do not need to be a bank to enjoy the moments. MPESA is the best banking entity in Kenya at the moment. But it has no typical banking license.

Yes, there is alpha in financial services as you look at these McKinsey plots. Did I note that no one has even taken note of the insurance sector? Gentlemen and ladies, this is our time. Take action, form groups and go for great P&L glory. Not everyone has to be a CEO; come together and combine networks and skills. Then, go and do great things.

#2 · March 6, 2018, 7:01 AM

But we are risk averse, with regard to insurance sector. Not until someone or an entity figures out how, and manages to lobby the government to make insurance mandatory in various ways; then we can come back here and argue how the government favours that person against others.

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African banks are growing, only that they seem decoupled from the rest of the economy. We are really good at producing numbers, with little or no impact on citizens' lives.

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This Shows Why Fintech is Promising in Africa

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