According to the cofounders of TagPay Yves Eonnet and Hervé Manceron in their new analysis of the digital revolution, Fintech: The Banks Counter-attack, "Africa is the Silicon Valley of banking".
L-R: Henri-Pierre Druaut, partner Onepoint; Hérvé Manceron: COO and cofounder TagPay; Alexandre Maymat, head of Africa, Mediterranean and Overseas at Société Générale; Yves Eonnet, CEO and cofounder, TagPay
They argue that the rise of fintechs might be shaking up the banking sector in developed countries, but African banks are taking full advantage of this technological revolution. The book was presented at a press conference held in Paris on 25 September at the headquarters of digital transformation company onepoint.
Driving financial inclusion
The bank of the future is being invented in Africa, and it is more agile and close to its customers. The authors show how fintechs have been powerful tools for financial inclusion in sub-Saharan Africa. In a region where the population remains largely unbanked but whose growth in terms of access to smartphones is the fastest in the world (+ 350% increase between 2007 and 2016), digital banking is the solution to the shortcomings in traditional banking infrastructure.
The second major observation of the book is that the popularity of digital banking solutions in sub-Saharan Africa makes the region a source of inspiration for the rest of the world. "In terms of disruptive innovation, the weight of the installed systems is an obstacle that is always difficult to overcome. The lack of existing systems frees Africa from these constraints, allowing it to realise its financial inclusion projects. The continent is making a technological leap by deploying the digital bank to serve these new populations. This is how Africa has invented before our eyes the bank of the future. "
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There is a condition to make it happen:to empower people via jobs creation and the opportunities. in a word, working on the demand for instead of supply of money. If this doesn't happen, there could be devastating financial implosions.