Partnerships are key to driving financial innovation in Africa
Tyme Bank’s experience with grant recipients in South Africa demonstrates the need to link up banking innovation to the real-world requirements of customers.
One day in 2020, the South African Social Security Agency (Sassa) got an unexpected call from the government. Sassa, which pays social grants to South Africans, had been identified as a Covid-19 super-spreader, the government said. The problem was the sheer size of the queues at Sassa paypoints for grant recipients.
What African fintechs need is supportive regulation, local capital and the development of talent. Singapore wants to show them the way.
“We want you to solve the problem and we are giving you two weeks,” Fanie Sethokga, general manager of grants operations at Sassa, recalls being told.