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This technology chimes with Kumar ’ s vision to reach new segments of society – people who might never come into a bank branch . Absa is now working with Jumo in Zambia , Ghana , and very soon Tanzania and Uganda too , within the mobile money ecosystems there , allowing customers to save and borrow money .
The innovation accelerator , WorkinProgress , was founded in 2015 and is based at Cape Town . It provides facilities and support for startups . Another highly relevant partner to have come from it is Avenews-GT , an Israeli fintech that has digital infrastructure that directly links agri-trade activity with financial services . The farmer can offer his or her supply and the buyer can purchase electronically at an agreed price . Since so much of the African economy comprises small-scale agribusinesses , this is a sector Kumar is particularly keen to excel in , and this marketplace capability is proving very successful .
Africa ’ s diaspora is marked by a great need for effective and fast remittance structures , but aside from large money transfer operators , there are few options , Kumar continued . “ We are evaluating a fintech partnership and in parallel have also built an in-house
AUGUST 2020