South Africa Fintech Industry Report 2023: 30% of All Players Fall into the Payments Sector - The Largest and Most Mature Sector
Thursday, July 13, 2023
DUBLIN, July 5, 2023 /PRNewswire/ -- The "Fintech Trends in South Africa 2023" report has been added to ResearchAndMarkets.com's offering.
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This report on fintech trends in South Africa includes information on the size of the market, fintech startups, traditional banks and fintech, regulations and the drivers of growth, trends and challenges in the sector.
Fintech Trends in South Africa
South Africa's financial services sector is internationally recognised as one of the most sophisticated. In the last decade, this has been complemented by a small but fast-growing fintech sector that is transforming financial services through digitisation, streamlining or disruption.
Accounting for 40% of all fintech revenue in Africa, South Africa has a relatively mature fintech market with a strong focus on development. Incumbents continue to dominate the financial sector, making it challenging for fintechs to achieve scale. This is further exacerbated by a risk-averse funding environment, a shortage of entrepreneurial skills and South Africa's complex regulatory environment.
Benefits
Fintech can improve efficiency and reduce operating costs, allow seamless, real-time customer transactions, and drive hyper-personalisation. This can improve the efficiency of the financial sector and enhance the financial health of South Africans.
Fintech can solve payment, credit and remittance problems and provide accessible and appropriate financial products such as investments, savings and insurance at scale.
Payments
The largest and most mature subsector is payments, with 30% of companies operating in this space, most of them for more than five years. This is aligned to international fintech trends, where payment solutions dominate the fintech landscape.
Fintechs have been able to offer simpler and faster solutions than traditional banks. Increased access to the internet and the growth of ecommerce created the opportunity to facilitate and process digital payments.
As a result, a large majority of payment fintechs are third-party payment providers or payment services providers. These fintechs enable retailers to accept electronic payments via credit card, direct debit, bank transfer and real-time bank transfer.
Key Topics Covered:
1. Introduction
2. The Fintech Market
3. The South African Fintech Market
4. Traditional Banks And Fintechs
5. Key Trends
6. Drivers Of Fintech In South Africa
7. Fintech Advantages
8. Key Pain Points
9. Regulatory Environment
10. Fintech In Africa
11. Outlook
12. References
For more information about this report visit https://www.researchandmarkets.com/r/uz8urh
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
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