how fintech innovations are restructuring online payments
how fintech innovations are restructuring online payments

How Fintech Innovations are Restructuring Online Payments in Africa


Over the last decade, Fintech has become a flourishing market in Africa. Many innovations have been introduced to promote easy accessibility in the financial industry and enhance financial inclusion globally. Significant successes have been recorded by Fintech companies in Africa, implying a glittering future for this new market. According to GSMA, more than 45% of global mobile accounts belong to Sub-Saharan Africa, taking the continent’s total to 481 million registered accounts in 2020. However, the sector is still relatively young and has more room for modern innovations.

More Africans are already using mobile phones to make various payments today due to their capacity to drive instant and secure payments. In December 2019, Africans officially deposed cash as the primary mode of payment by making more than half of the transactions through mobile phones. Nonetheless, digitally savvy and young, informed individuals are still confronted with poor user experience from financial service providers. They anticipate speed and simplicity in their transactions, unlike waiting for a one-time password (OTP) before performing online shopping or making a payment. This is where biometrics steps in. Companies like myidentitypass are intervening in solving payment hassles by ensuring that transactions are completed seamlessly through facial recognition systems, APIs, and other laudable innovations.

Recent developments in the financial sector have proven that the continent has become a focal point of financial technology and innovation. A recent report by McKinsey highlighted that fintech investments in Nigeria have grown by 197% over the past three years, with the majority of investment coming from outside the country.

One crucial question is, why is Fintech growing so big in Africa? Here are two essential reasons:

  • Enhanced satisfaction and quick transactions

Africa is a cash-driven region. Companies like Myidentitypass utilize the best technologies by building services to make instant payments. This is achievable through apps linking to mobile accounts, bank accounts, and wallets, enabling users to make immediate payments easily. Users are also equipped to pay bills, send money, and receive payments anytime, at any location.

  • Safety and easy tracking of transactions

Most Africans are still skeptical about issues relating to the security of money transactions because of various occurrences of fraud in the past. Fintechs rely on emerging technologies such as b– LOCKchain and artificial intelligence to bring better traceability and avoid fraud. Using APIs can also reduce risk related to transaction security or identity theft. Myidentitypass is an African biometrics company that simplifies and secures payments with the help of APIs and facial recognition technology.

The total transformation of payments in Africa is not a smooth task. It will demand persistent innovation and partnership with financial service providers and biometrics technology companies to build and sustain this digital economy. More than everFintechch is ready to become the key to –UNLOCKing a financially enabled society.

Want to know more about how myidentipass can help your business? Click on our website.

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