FinTech in Africa and its rapid transformation
FinTech in Africa is undergoing a transformative era – its matured drastically from slacks and slops to chinos and shirts! Success in this dynamic field hinges on certain crucial qualities that professionals in the sector embody. In this artcle, we delve into 10 such qualities that are pivotal in shaping the future of finance in Africa.
Future of Finance
Innovation lies at the heart of FinTech in Africa, driving financial inclusion and economic advancement. Companies like TymeBank in South Africa are revolutionizing banking with accessible, user-friendly platforms. Similarly, FairMoney, operating in Nigeria and India, is redefining lending with tailored solutions for emerging markets. These examples highlight how innovative thinking is essential to transform and enhance financial services.
Technical Expertise
The African FinTech landscape demands robust technical expertise. MNT-Halan in Egypt is a prime example, offering a range of digital banking services for the unbanked and underbanked. South Africa’s Lulalend, an innovative lending platform, leverages advanced technology to provide accessible credit solutions for small businesses, demonstrating the critical role of technical skills in FinTech.
Analytical Thinking
Data-driven analytical thinking is key in FinTech. Nigeria’s Kuda Bank uses a data-centric approach to deliver personalized banking services. In South Africa, 22seven excels in digital financial planning, using analytics to empower users in managing their finances effectively, underscoring the significance of data analysis in developing tailored financial solutions.
Adaptability and Flexibility
The rapidly evolving African FinTech scene values adaptability and flexibility. OPay in Nigeria has adeptly tailored its mobile financial services to local needs, while Egypt’s Fawry offers a diverse range of digital payment solutions, demonstrating the importance of adaptability in this sector.
Customer-Centric Approach
Prioritizing customer needs is crucial in African FinTech. Yoco, a South African company, offers payment solutions specifically designed for small and medium-sized businesses. Bank Zero, also in South Africa, focuses on customer-friendly neobanking services, emphasizing the importance of a customer-centric approach.
Strong Communication Skills
Effective communication, considering the diversity in languages and cultures, is vital in African FinTech. Onafriq (formally MFS Africa) and Wave, operating in Senegal and Côte d’Ivoire, excel in conveying complex financial concepts simply and effectively.
Leadership and Team Management
Leadership is a cornerstone for success in FinTech. The leadership at TymeBank and FairMoney has been pivotal in overcoming challenges and fostering innovation, exemplifying the impact of strong leadership in the sector.
If you’re looking for inspiration from other leaders in the sector you really need to check out our Podcast Series
Ethical and Regulatory Knowledge
Adherence to ethical and regulatory standards is paramount. Lulalend and Kuda are notable for their commitment to these principles, ensuring trust and sustainable operations in FinTech. This is fundamental to the success and longevity of any fintech.
Continuous Learning and Development
In the ever-changing FinTech landscape, continuous learning is crucial. OPay and Fawry emphasize staying updated with trends and technologies, promoting ongoing innovation and improvement. Many organizations hire talent to perform a specific job however fail to cross-train and upskill. This is what sets FinTechs apart from eachother.
My Conclusion
The African FinTech sector is a beacon of innovation, technical proficiency, analytical skills, adaptability, effective communication, leadership, ethical practices, and continuous learning. Finding talent like this is not straightforward and requires a well-thought-through and executed plan. For example, does your Fintech have a talent map? Remember, these qualities are shaping the future of finance in Africa, navigating unique challenges and seizing opportunities in this thriving sector.
Before you go, check out the Talking Success Podcast where we feature the who’s who of FinTech in Africa – this is a treasure trove of information!
