While in France nearly 99% of the population has a bank account, the banking rate is much lower in Africa: it would be barely 18% in the UEMOA countries (Monetary Economic Union West African) according to official figures from the BCEAO (Central Bank of West African States) and around 10% across the continent.
Thus, a large majority of the population does not have access to accounts, loans, stock exchanges, etc.
While traditional banks are looking to develop their network across the country, FinTech players are looking to provide effective solutions that are immediately operational. Indeed, the very high penetration rate of mobile phones opens up very interesting prospects (eg 92% in West Africa as of 2016).
In this context, Africa Pay, the 1st neo-bank in Africa, relies on mobile banking and dematerializes all physical services on mobile interfaces (smartphone, tablet, etc.). The goal is to offer banking services accessible to everyone, 7 days a week
and 24 hours a day. Africa Pay is thus the biggest digital project of the moment and represents
a formidable lever to welcome and accelerate the digital revolution of the continent. Already available for pre-launch, Africa Pay has set up a crowdfunding campaign to raise 10 million euros and offer its services early next year.
Thus, a large majority of the population does not have access to accounts, loans, stock exchanges, etc.
While traditional banks are looking to develop their network across the country, FinTech players are looking to provide effective solutions that are immediately operational. Indeed, the very high penetration rate of mobile phones opens up very interesting prospects (eg 92% in West Africa as of 2016).
In this context, Africa Pay, the 1st neo-bank in Africa, relies on mobile banking and dematerializes all physical services on mobile interfaces (smartphone, tablet, etc.). The goal is to offer banking services accessible to everyone, 7 days a week
and 24 hours a day. Africa Pay is thus the biggest digital project of the moment and represents
a formidable lever to welcome and accelerate the digital revolution of the continent. Already available for pre-launch, Africa Pay has set up a crowdfunding campaign to raise 10 million euros and offer its services early next year.
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