Lets Change The System
Africa has seen great progress in banking, especially in mobile payments. However, it still relies largely on face-to-face meetings, existing personal relationships and multiple layers of bureaucracy. This outdated system is hampering the massive strides being made across the continent in education, technology and trade.
Its cost and efficiencies are felt by many across the continent. Even the ‘best’ service is cumbersome and expensive. Transactions take too long, rates are unfavourable for consumers and currencies fluctuate dramatically. There is little integration with mobile banking and ‘digital’ banking stretches only as far as websites that are barely fit for purpose.
Customers are, rightly, disaffected by a system that is not always transparent and promotes pay-day loans. Members of the diaspora who wish to send money to relatives in Africa encounter high costs and an unwieldy system. Receiving funds is even more difficult.
So many people seek better value by simply going outside formal banking channels to send and receive money.
Simply speaking, the current situation is crying out for change. So lets change it!