BDO Wealth Advisors released a report in the second half of 2024, providing an overall consensus on the nature of and the challenges and opportunities presented to the financial technology (fintech) industry in Africa. It can be said that Africa has recently experienced and continues to experience a surge in financial technology innovation, capitalising on the economic potential that the continent has always held. This wave of fintech innovation has pleasantly surprised the world, due to the fact that the majority of African countries continue to possess limited and traditional infrastructure that often hinders said innovations.
In spite of this, there has been a penetration in the African market of mobile phone usage and adoption, creating and breeding a tech-savvy African market that has begun to lay a foundation on which Fintech solutions and innovations can blossom and be introduced to a previously apprehensive market.
One of the most notable Fintech trends of 2024, in an African context, is the fostering of financial inclusion through enabling mobile money platforms. Many fintech companies are now offering their services fully online, and sales are able to be closed digitally, via online payment and user registration methods.
Despite the great potential these innovations and changes hold, there are still barriers to said developments, specifically those of technological integration challenges. However, Simply Financial Services, offering long-term insurance to families, employees, and business owners, has recognised these challenges and trends and created a business structure that capitalises on the direction that the fintech industry is progressing in. This is apparent in the fact that Simply offers all of its services fully online, without the need to have a phone call or in-person consultation. All customers can fill in their personal details online and receive a quote instantly, with no medicals or blood tests required. Additionally, Simply's Flexi Staff Cover product can be purchased fully online. Simply's system integrates with payroll providers such as PaySpace, SAGE300 and SimplePay, which allows seamless transfer of employee data, meaning that staff members are automatically added to, and removed from the policy when they join or leave the company.
Simply is a company that showcases the fact that South Africa has been declared the primary technology hub of Africa, and is at the forefront of the African fintech industry. This is because South Africa has almost fully implemented digital platforms such as YOCO and Paygate and over twenty percent of fintech start-ups in Africa in 2023, had their inception take place in South Africa.
This has led to South Africa's financial services industry being internationally recognised for its high levels of sophistication and invention. These innovations have taken shape in the form of digitalisation and process optimisation, with South Africa's fintech revenue constituting forty percent of Africa's entire fintech-related revenue. The high rate of mobile phone and smart phone usage, in comparison to other African countries, is one of the main reasons as to why the fintech developments are ongoing and of a commendable standard in South Africa. With ninety-five percent of South Africans owning a mobile phone, fintech companies in South Africa are able to reach a wider audience, and the majority of transactions are able to take place online.
With Simply's online- and mobile accessibility, it stands as a perfect example of a fintech company that is developing in line with the trajectory of the African fintech market. By capitalising on the mobile penetration of South Africa and making each insurance policy customisable to every individual's financial needs, Simply can lower the sense of distrust that many Africans project onto technological developments and unknowns. Simply offers safe, simple and accessible long-term insurance to South African business owners and individuals alike. Simply's insurance policies enable financial security without stress, without admin and within minutes online.
Simply Financial Services (Pty) Ltd is a registered financial services provider (FSP 47146). T&Cs online.