Fintech in Africa has helped the continent in various ways, from aiding financial inclusion to prompting investors to gradually but steadily invest in startups in the continent.
The Southern Africa region has its share of Fintech startups too. The region previously plaques by violence and apartheid is now one of the most developed regions in Africa.
The Southern Africa region consists of the following countries Botswana, Angola, Lesotho, Namibia, South Africa, and Swaziland.
Some parts of Mozambique, Zambia, and Zimbabwe are however said to fall into the Southern Africa region.
Fintech in South Africa has skyrocketed and is doing tremendously well, coupled with other tech-enabled tartups in the country. South Africa is at the top of its game in-country development.
In the recently published issue of the African Tech Ecosystems of The Future for 2021/22, South Africa snagged the overall first place and it’s a well-deserved win for the country.
Fintech startups in the South African region are mostly based on payments, savings, lending, and investment.
The Top five Fintech Startups in the South African region are:
This Fintech startup was founded in 2015 and is located in Cape Town, South Africa. Jumo offers mobile-based banking, an online marketplace, and business loans for entrepreneurs.
Jumo through its platform reaches the unbanked and underbanked and is today one of the biggest startups in South Africa.
It uses AI-enabled technology to create the fastest and easiest channel to get financial services for its customers.
Jumo was the first South African startup chosen by Google for its Launchpad accelerator program in 2017.
This is another Fintech startup located in South Africa. It was founded by Katlego Maphai, Carl Wazen, Bradley Wattrus, and Lungisa Matshoba in 2015.
Yoco was founded to help entrepreneurs receive money. Yoco developed a point of sale machine that enables entrepreneurs to receive card payments.
Also read, Top 5 Fintech Startups in East Africa
Yoco has two types of card readers, a Plug-in card reader, and a Wireless card reader. Both card readers have their unique specifications.
The entrepreneurs who use their services can download the yoco app while using the point of sale machine to receive payments. They can then track sales through the app and generate digital receipts.
This Fintech startup is located in Zimbabwe. Paynow enables the payment of various services from its online platform.
Insurance, Mobile and Airtime bundle, Utility bills, Rates and Taxes, Tuition, Fuel, and donations to Charity Organizations can be made through their platform.
The platform supports MasterCard and Visa cards, it also supports other payment solutions like Telecash, Ecocash among others.
Also read, Top 5 Fintech Startups in North Africa
This Fintech startup uses an integrated business model to drive digital transactions in various African countries. Cassava has a strong presence in Zimbabwe, South Africa, and Lesotho.
Cassava’s Fintech offerings include Social Payment Services, Mobile Money, Digital banking, and International Remittance. By so doing, cassava Fintech has aided financial inclusion.
This Fintech startup has its location in Johannesburg, South Africa. Founded in 2018, Valr offers a cryptocurrency trading platform.
Valr uses artificial intelligence and machine learning technology to ensure the authenticity of traders. Valr also rewards its users when they refer people to their platform.
Valr accepts the trade of over fifty different cryptocurrencies on its platform. Traders can buy cryptocurrencies directly using funds from their banks.
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