Key Functions of Fintech

One of the key functions of fintech in emerging markets such as Africa and Southeast Asia is the need for financial inclusion. In particular, low-income populations have limited access to traditional banking services. As a result, they face difficulties in planning their finances, securing credit ratings, starting, and maintaining businesses, pursuing personal lives, and growing. This creates a cycle of poverty that is difficult to break. It is believed that some of these challenges can be addressed by providing convenient financial services through fintech digital platforms that are accessible to low-income populations. Another factor driving fintech growth, particularly in South Africa, is the high level of mobile penetration, which reaches up to 90%. Therefore, providing financial services through digital platforms can be the first step in providing opportunities for financially excluded populations to access financial activities, addressing the aforementioned challenges.

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