5 reasons why African GenZs care so much about Fintech

Here are five (5) reasons why African GenZs care so much about Fintech

Fintech apps are accessible and easy to use, and they are available on smartphone browsers, tablets and laptops. The app’s mobile interface is simple and user – friendly, making it easy for anyone in Africa with an internet connection to use these apps.

Modern Fintech apps allow you to do more than send or save money and have more advanced features. Apps like Carbon send instant notifications when you send money and when the recipient receives the money.

Some Fintechs have more attractive offers, benefits and uses.

For example, someone has a referral system and rewards you for participating in surveys or sharing the app with friends.

24-year-old Ndidiamaka uses Carbon to avoid stories “it’s Carbon for me because it notifies me when the money has arrived in the recipient’s account. I have receipts, so no stories”.

With fintech apps, you can set money goals, keep track of your expenses, track your progress and automate your savings.

For 25-year-old Femi, the fintech company Cowrywise helps him focus on his savings goals. “I love Cowrywise because they forced me to learn discipline. When the funds are locked, nothing goes out before the due date. I dislike it when I need money, but that money hits differently when it falls due.”

Before Trove, RiseVest, Bamboo and the like, it was almost impossible to invest or trade global stocks from Africa. But now Africans can become shareholders in international companies straight from Africa.

In May 2022, banks in Nigeria, including the United Bank of Africa, Stanbic IBTC and Zenith Bank, reduced the monthly spending limit to $ 20. At the same time, some banks such as Wema suspended the use of naira-denominated debit cards for international transactions. This was a major setback for creatives and freelancers.

“I spend an average of $ 200 a month on technology tables, but the bank line meant I could not pay my subscriptions and not work.” (Godwin 23 years).

Fintech companies such as Chipper Cash and Flutterwave help sort this out so that Gen Zs can make foreign purchases and receive payments worldwide.

GenZ is a generation that has grown up with technology at its fingertips. They have never known a world without smartphones, social media and the internet. And they have never had to work hard to find information or learn new skills – all they need is always just a click away.

It makes sense for this generation to rely on fintech apps to complete daily transactions and make long-term plans.

Goldie Iyamu is a passionate Pan-African entrepreneur and marketing campaign leader based in Lagos, Nigeria. He believes there is so much potential for Tech in Africa, and his big dream is to open up Africa’s unlimited possibilities.

The views expressed are those of a contributor and do not necessarily reflect the views of Business Insider Africa.