Covid-19 Business Watch
WATCH: Banking on fintechs for the future
What started as a bricks-and-mortar business has morphed into QR codes and apps. Michale Avery and guests discuss the transformation of and future for banking
The concept of banking is changing fast — including how, and from whom, consumers conduct their financial dealings. Retailers in the UK and US started offering banking products several decades ago, while mobile money and agent banking has transformed the delivery of financial services across Africa. Banks are competing with the likes of PayPal and online lender Kiva, while Apple and Google are also moving into the online payment space.
Locally there is disruption from new fintechs and digital banks; TymeBank has signed up customers in rapid time without physical assets such as buildings and branches. Payment methods have become increasingly diverse; besides traditional card rails (Visa, Mastercard), we now have QR codes, mobile phones with NFC (Apple Pay etc), mobile money, and apps (WeChat etc).
Michael Avery is joined by Hamish Houston, Network International’s regional president for Southern Africa; Cheslyn Jacobs, the executive head of sales and service at TymeBank; and Chris Zietsman, CEO of SnapScan
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