“ FINTECH ADOPTION , ESPECIALLY IN THE DEVELOPING WORLD , IS BEING
DRIVEN BY AN UNMET DEMAND FOR FINANCIAL
SERVICES ”
JON FROST HEAD OF ECONOMICS – AMERICAS ,
BANK FOR INTERNATIONAL SETTLEMENTS
fintechs in markets with a similar , but locallyspecific , business model – the way Ant Financial has invested in lots of other digital payments apps in other EMs is an obvious example ,” James Cope says .
“ Each country will adopt a different strategy to help serve the needs of its citizens ,” Karen Jordaan concurs . “ Typically , we will witness smaller fintech companies being acquired by larger multinationals , which are keen to remain true to the needs of each market . Together , the two can understand the different challenges and needs within their existing and potential customer base by working with the people on the ground .
“ As an example , in 2020 WorldRemit acquired an Africa-focused remittance company , Sendwave – which had achieved success in Nigeria , Kenya and Ghana – to help serve the needs of the continent . In 2022 , Sendwave reported to have sent over US $ 15bn from 50 countries to recipients in 130 countries . Sendwave , which operates under the Zepz Group brand , has enabled the company to bolster its coverage of Africa whilst benefiting from increased investment .” fintechmagazine . com 123