The Fintech Times heads to South Africa to learn more about the country’s developing fintech ecosystem as well as the launch of the Fintech Association of South Africa.
The Fintech Association of South Africa (Finasa) was established in 2022 with the mission to nurture and empower the thriving fintech ecosystem that acts as a catalyst in the development of South Africa’s financial services industry to accelerate socio-economic growth.
This will be achieved via fairness, inclusion, diversity and equality across the eco-system. Finasa’s aim is to create a conducive environment to stimulate innovation in the sector by increasing access, transparency and have a voice with regulators.
As a cross-industry, non-profit initiative, Finasa intends to be a platform designed to facilitate collaboration between all market participants and stakeholders in the fintech ecosystem. Members will be encouraged to engage with multiple stakeholders to find solutions to issues.
Watch the conversation between Richie Santosdiaz and Finasa’s Andres Perez and Darren Franks below:
Finasa officially launched on Friday 22July at The Bungalow, Clifton in Cape Town, where the association is also headquartered. The event was attended by top fintechs and key leaders in the ecosystem, including Tim Masela of the South African Reserve Bank, and representatives of the Payments Association of South Africa (Pasa), PayU, Thumbsup Innovations, Bettr app and Cash Pesa. The headline sponsor for the evening was Visa, while other sponsors included BDO, FiveWest, TalentintheCloud, Network International and Payfast.
South Africa’s fintech ecosystem
South Africa is historically a major trade and investment commercial hub for the African continent to do business globally.
It is unique in that it has two global cities – Johannesburg and Cape Town. Johannesburg, the largest city in South Africa, is home to some of Africa’s leading banks and financial institutions, such as Standard Bank Group, FirstRand, Absa Group, Investec and Nedbank Group, deciphering it as a potential fintech magnet for Africa.
It is not only home to the country’s primary financial cluster but has developed an ecosystem where fintech can thrive.
To read more about South Africa’s thriving fintech ecosystem read: Fintech Landscape of South Africa 2022.