On World Fintech Day, industry leaders came together to highlight how innovative technology is reshaping the financial landscape.
As consumer needs evolve, fintech companies are at the forefront of delivering solutions that not only meet but also exceed expectations.
From streamlining international money transfers to empowering wealth creation and enabling financial inclusion across Africa, these pioneers are demonstrating how technology can bridge gaps and transform lives.
Simplified and automated international money transfers
According to Harry Scherzer, CEO of Future Forex, South African banks often fall short when it comes to providing expert assistance and user-friendly technology needed for seamless international money transfers. “Many banks rely on outdated and complicated processes, leading to unnecessary delays, inefficiencies, and increased costs for both businesses and individuals. We are here to change this by building innovative technology that helps people, combined with hands-on support from their team of experts,” says Scherzer
Unlike traditional banks, where clients often need to fill out forms manually and navigate complex regulatory requirements on their own, Future Forex simplifies and automates the entire international money transfer process. Every step, from onboarding to booking transactions, can be done digitally, ensuring clients never have to input the same information twice. Their online platform allows clients to efficiently harness all the relevant information to send or receive money internationally, access live rates, submit supporting documents and manage recipients, all within a few clicks. “Of course, some clients prefer to talk directly to an expert rather than use technology, and the solution here is to assign each client a dedicated, expert Account Manager who is readily available to assist at each step of the process, and who will handle all regulatory approvals at no extra cost, “ adds Scherzer.
This blend of cutting-edge technology and personalised service is transforming the industry into one that is seamless, client-first and cost-effective. As the fintech space continues to evolve, innovative solutions will allow fintechs like these to to reliably deliver end-to-end services, making international transfers into and out of South Africa more accessible and efficient than ever before.
Technology backed fintech innovation
This World Fintech Day underscores the pivotal role of technology in addressing evolving consumer needs across the financial landscape. To enhance their operations, fintech businesses today are using a range of tailored technology solutions for their operations management including customer relationship management tools, project management, digital signing, employee collaboration platforms, AI-powered business analytics, and more. For example, at Zoho, we empower fintech firms to streamline processes, enhance agility, and deliver superior services,” says Andrew Bourne, Regional Manager, Africa at Zoho.
“Our philosophy is one of collaboration with innovative fintech leaders,” adds Bourne.“ A number of local businesses leverage our robust suite of integrated business applications to enhance their operational excellence and customer satisfaction.
By providing scalable and customisable tools, technology companies can aid fintech companies to not only meet but exceed market expectations. This continued support of the fintech industry in Africa and beyond, enables organisations of all sizes to capitalise on enterprise-grade technology for business success.
How wealthtech is democratising the retirement investment landscape
Technology, when properly applied, can be an incredible democratising force. It’s already played that role in media, publishing, collaboration, access to information, and so many other areas of our daily lives. More recently, it’s helped democratise areas of finance that were once the domain of small groups of specialists.
Tobie van Heerden, CEO, 10X Investments, says that with any emerging technological field, wealthtech brings both opportunity and risk. “The opportunities lie not only in its ability to democratise investment and wealth management but also in delivering more personalised investment strategies, greater automation and efficiency, and data-driven decision-making.
“It may even improve financial literacy (something sorely needed in South Africa). The risks, meanwhile, lie in cybersecurity threats, a lack of human interaction that some investors may be uncomfortable with, algorithmic biases, and regulatory lag,” says van Heerden.
“Despite those risks, the opportunity for wealthtech to transform the retirement investing space in particular is immense. Applied correctly, wealthtech can help ensure that the kind of wealth creation needed for a comfortable retirement is increasingly accessible and attainable,” adds van Heerden.
Access through partnerships
Mobile money has exploded across African economies as an enabler of financial inclusion by bringing in large swaths of the population that remained unbanked into the fold to participate in economies across the continent. According to GSMA’s 2024 State of the Industry Report on Mobile Money, registered mobile money accounts grew by 12% to 1.75 billion in 2023. This figure is only set to increase as the population of diaspora across the continent continues to grow, consumer needs evolve and businesses scale.
By enabling access to transacting through strategic partnerships, markets can be opened up and people connected to a world of opportunities through payments that are fast, cheap, transparent and safe. As a pan-African leader in digital payments that aims to enable interoperable cross-border and domestic payments, Onafriq has partnered with other industry frontliners to ensure that its solutions reach the end consumer – fostering true financial inclusion. Recent partnerships with the likes of VGS, a universal token vault provider, has empowered Onafriq and its fintech clientele to operate with enhanced security and peace of mind while focusing on driving innovation and delivering superior financial services to their customers. The organisation’s partnership with Mastercard enables Onafriq to take control of their consumer’s digital commerce needs and interactions by leveraging Mastercard’s technology – affording individuals and small businesses a smooth transition into the digital economy.
With a network spanning 40 African markets, Onafriq connects over 500 million mobile money wallets and 200 million bank accounts, enabling domestic and cross-border disbursements and collections, card issuing and processing, agency banking, and treasury services.
As the fintech sector continues to grow and adapt to the changing demands of consumers, the blend of cutting-edge technology with personalised service is setting new standards in the industry. These businesses showcase the power of innovation in shaping a more accessible and efficient financial future for all.
