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Need for advancement of tech on payment systems for businesses

Fintech companies needed to make their payment processes more centralised, less tedious, safe and convenient both internally and for their customers.

Need for advancement of tech on payment systems for businesses

When Covid-19 hit a lot of its presence was felt on businesses all around the world with businesses in Africa taking an even bigger hit as most needed to wear off its manual processes of making payments for their goods and services and further receiving payments for the same in a more convenient and robust way.

This called for the need for a quick adoption of digitised payments which is what has been happening in the last two years. Right now, the need for the enhancement and advancement of digital technologies that facilitate payments and transactions is even more pronounced.

Larger Fintech companies needed to make their payment processes more centralised, less tedious, safe and convenient both internally and for their customers.

Therefore in 2022, the focus on Fintech for every forward thinking business is even higher. Waiting and watching for emerging technologies to enhance payment systems and processes which will in turn help scale their businesses is key for growth in 2022.

The Case Study

A new entrant into the fintech space is a start-up known as ‘Wapi Pay’ which is now an authority in Africa-Asia payment systems and recently raised $2.2M in pre seed funds to enable them scale their operations. They have been able to reduce the tedious manual processes incurred by traders who import goods from China into Kenya by ensuring convenience.

Wapi Pay was started as a result of how fragmented the payment infrastructure is and also how horrible it is to either send or receive money from Asia. The company is currently growing at a 396% YoY Trajectory and hopes to continue in this manner in the future.

Wapi Pay promises fast, reliable and secure payments that can be made anytime in most areas of the world. Even better, the costs incurred during transactions are transparently shown during the process which helps entrepreneurs grow their businesses by saving money on transaction fees incurred. They do this by facilitating person-to-person transactions & enterprise payment.

Crypto Currency & Stocks

Trading with different Crypto-currencies this year is predicted to be something most tech savvy users will adopt to scale their revenue / Income streams in a more convenient manner.

On the brighter side, Covid 19 has led to more ideas surfacing around financial business freedom as relates to Crypto Currency including more currency formats being adopted by users across the globe. We have even seen big tech CEOs stepping down from their roles and ending up focusing their efforts in the Crypto currency space. We are keen to see whether African businesses are quickly going to adapt to Crypto as a payment method in the long run.

In addition to crypto currencies we have recently seen the emergence of investments in fractional stocks in Uganda and Kenya mainly forwarded by one of Africa’s unicorns “Chipper Cash” as well as the wealth management platform “Hisa” who recently received a No objection approval from the Capital Markets Authority In Kenya. These new products will enable users in Kenya and Uganda to own  stocks in major US and Kenya companies thereby scaling the wealth portfolios.

All in all technology has been the enabler in the financial services space, Fintech has made it possible for online transactions to be done in a fast, secure and convenient way for users across the globe.

The bigger question though is, are the technology gurus ready to take up the challenge to be patient enough to help their customers who are businesses grow by understanding how to use these technologies effectively and efficiently by optimising their user journey’s?

How do we grow and encourage talent in the fintech space and finally how do we become dynamic enough to take care of the ever growing threat of insecurity within the space.

According to the Insurance Information Institute there were a total of 4.8M Identity theft and fraud reports by the Federal Trade Commission in 2020 this is up by 45% from 3.3M in 2019 mainly due to the 113% increase in complaints on identity theft.

It is unfortunate that In Kenya at the moment there are no overarching Laws that focuses on incidents of Cyber crime however the Kenya Information and Communication act of 1998 includes cyber security related provisions that would focus on criminal matters in the same range.

Are you a technology guru? Can you share below how your innovation will help steer businesses this year ahead. As a business owner what technology would help scale your business higher?

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  1. TDB says

    Very accurate. Fractional
    Stocks in Uganda is an amazing addition to the space.

  2. Sarah says

    Very insightful

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