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5 Digital Banks set to revolutionise Banking in Africa in 2022

By Edlyn Cardoza

January 13, 2022

  • Africa
  • African Rainbow Capital
  • Bank Zero
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Digital Bank, Neobanks, Challenger Banks, Africa, Nigeria, South Africa, Digital Transformation, Financial Institutions, FairMoney, Loan Management, Kuda, TymeBankNeobanks and challenger banks are well-positioned to meet the digital challenges and garner the benefits of the new digital economy. As the market is transforming, they are shaking up the traditional branch-based banking systems and pushing the industry to become more agile and competitive. 

The results have become a big win for consumers who want banking services and not just banks. Consumers and financial institutions are deftly adapting to the rising demands of a tech-accelerated and pandemic-impacted world, which have presented an array of solutions, ideas, and opportunities to the banking sector’s difficulties. 

The digital transformations have paved the way for the birth of digital banks in Africa, forming the springboard for what 2022 is to unfold. Here are 5 digital banks setting their mark to revolutionise banking in Africa in 2022:

A simple, modern app-driven bank for individuals and businesses. Focused on solving real banking problems customers struggle with every day – by providing innovative and unique functionality at Zero (to low) fees. Started by tech entrepreneur Michael Jordaan and banking innovator Yatin Narsai, along with 5 other co-founders, the bank is 45% black-owned and 20% women-owned.

Bettr is a digital banking app and card that multiplies your money. They are fuelling the way creators make, bank and build wealth. Bettr was founded by a collective of creative entrepreneurs and FinTech veterans. A team determined to rewrite the financial fate of the South African youth, no matter what. Young people aren’t being given the access they need to the financial products they deserve, and it’s time that someone stepped in and changed that. Through technology, creativity and community, they equip young people with the confidence and currency to achieve their dreams. Their platform does not just bank wealth; it nurtures worth. 

FairMoney is building the leading mobile bank for emerging markets. They bring financial inclusion to underbanked people in emerging markets. They built a new type of credit-led digital bank: as people need loans to fund their business or for personal reasons, FairMoney offers them what they need with no collateral to make their lives easier. They cannot access those services from traditional banks, so FairMoney covers that unmet needs to help them thrive. FairMoney gives 10,000 loans daily in Nigeria and India and has banking operations in Nigeria, with over 2 million users. They are backed by international investors and raised close to €50 million to support their development. 

Kuda is a full-service digital-only bank with a banking license. Kuda is designed for your smartphone, free of ridiculous charges and great at helping you budget, spend smartly and save more. A few years ago, a small team determined to transform banking launched a savings app for Nigerians, and that app was the first step toward Kuda. Today, Kuda has built a Central Bank-licensed microfinance bank to help you get the best out of your money without overcharging you. Kuda includes tools for tracking your spending habits, saving more, and making the right money moves.

TymeBank is a digital bank founded on simplicity, transparency, and affordability. TymeBank’s majority shareholder is African Rainbow Capital, a wholly black-owned and controlled investment company, making TymeBank the first black-owned retail bank in South Africa. They constantly look for ways to empower South Africans to take back control of their money. By helping them understand how money works and giving them a transparent view of their financial situation, they make it easier for their customers to make decisions today that translate into a secure financial future.

ALSO READ: Global Digital Banking Vendor and Landscape Report Q4 2021

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