Fintech has become one of the most vibrant investment options in the African space. It opens possibilities for tremendous growth and the stats can prove it.
Customer need & mobile penetration
Globally, 1.7 billion adults remain unbanked, yet two-thirds of them own a mobile phone that could help them access financial services.
The Nigerian Communications Commission for example states that 80m Nigerians – 47% of the population – do not have bank accounts, making it difficult for them to access traditional financial services.
But 142 M have mobile network access and 92 million are internet users.
And it’s been estimated that by 2020, there will be 525 million smartphones in Sub-Saharan Africa alone.
This makes Africa prime territory for innovation
And fast-moving fintech companies are filling the gap by developing solutions to address these needs.
They’re working round the clock to make convenient, low-cost financial transactions possible for people who are currently excluded from these support systems.
Innovative, data-driven fintech platform Mode is leading the way
Our foundation product – the Air Credit Service (ACS) – is a cashless micro loan, which allows users to continue accessing mobile phone services even when they’ve run out of their prepaid airtime.
This generates revenue for mobile operators at the same time as increasing customer loyalty. Our experience suggests that introduction of ACS increases average revenue per user by at least 10%.
Leveraging our experience and success with ACS, MODE is introducing Nano, which helps Banks and Financial Institutions target the underbanked base to offer safe loans.
Join the African fintech revolution
Fintech may have already disrupted economies all over the world, but in many ways, fintech in Africa is already ahead of other continents.
That’s because other countries with traditional banking services are faced with the challenge of adapting legacy systems and tech to fit. Fintech in Africa however, can ‘leapfrog’ into new markets much more efficiently because they don’t have these restraints.
If you’d like to find out more about the opportunities available, come and see us at the New Age Banking Summit in Lagos from 26-27 September where you can learn more about the key trends, challenges and opportunities facing banks in the African fintech space.
Or you can find out more about Mode here: http://www.mo-de.com
MODE at “The Women In Tech” Conference
MODE was honoured to be represented at the African Women in Technology conference, held at the Chandaria Business and incubation centre. It ran from the 21st -22nd July 2016. While spotlighting influential leaders in tech innovation, creativity, and leadership, attendees also had an opportunity to have their questions discussed in an open forum. The event […]
MODE at the Youth+ Africa Conference
MODE was proud to be at the Youth+ Nairobi conference held on the 22nd to 24th of June 2016. This is a 3-day conference that brings together young leaders and social entrepreneurs across Nairobi City County. The conference aims to build the young leaders’ and entrepreneurs’ capacity for successful implementation of social enterprises in various […]
Shining Hope for the Community
It is said that we make a living by what we get but we make a life by what we give. We believe in using what we have to change lives because giving is at the heart of MODE’s culture and has been practiced over the years in several ways.
MODE Student Sponsorship Program
At MODE, we believe in Giving Back to Society as well as Mentorship. We strongly believe that Mentorship is the key to success. Over the years, we have realized that all someone needs is a chance to succeed.
MODE and Strathmore University to support career development
MODE and Strathmore University signed an MOU to establish a framework of collaboration in internship and career development for students. Strathmore University is a leading University in the region, whose mission is to provide all-round quality education in an atmosphere of freedom and responsibility excellence in teaching, research and scholarship ethical and social development and […]