Last year saw an unprecedented rate of change in the financial sector, with huge growth in the use of digital financial services. A report by CB Insights entitled ‘State of Fintech’ revealed that the third quarter of 2021 was the second-highest on record for fintech financing, up by 147 percent year-on-year, and 2022 is looking like more of the same. Fintechs will continue to drive financial inclusion, assisting in the creation of an accessible and sustainable digital economy

Three waves of COVID-19 over the past 18 months, and a fourth one looming, have all but devastated the South African economy. The unemployment rate is at a record high of 34.4%, according to Stats SA, and a TransUnion study shows that 62% of consumers are impacted financially as a result of the pandemic – 87% of whom are concerned about paying their bills. Add to this the dramatic rise in ecommerce driven by the pandemic, and the time is ripe for alternative payment solutions