GITEX Africa 2024 emerges as a pivotal platform for exploring the convergence of digital transformation, financial inclusion, and economic empowerment, set against Marrakech, Morocco, from 29th to 31st May. The event promises to catalyse innovation, collaboration, and growth, with a spotlight on South Africa’s banking and finance sector.
In South Africa, digital transformation has become indispensable across various industries, notably in the financial sector. From the ease of online banking to mobile payment solutions, banks are harnessing digital technologies to streamline operations, enhance customer experiences, and broaden access to financial services.
The youth demographic, gravitating towards digital banking, has spurred investments in user-friendly mobile apps and online platforms by financial institutions to align with evolving customer preferences.
However, during this digital evolution, banks encounter formidable competition from agile fintech startups and innovative platforms, challenging conventional practices and catering to evolving consumer demands.
South African fintech startups, both locally and globally recognised, offer convenient digital banking services, investment platforms, and pioneering lending solutions, leveraging their agility and customer-centric approach to draw customers away from traditional banks. With 154 fintech startups in 2021, South Africa led the African region, securing close to $77 million in funding by May 2022.
The fintech landscape encompasses a spectrum of services, including banking, infrastructure, crowdfunding, digital currencies, lending, payments, and regulation technology.
GITEX Africa serves as a nexus for dialogue, collaboration, and knowledge exchange, accelerating digital transformation in the financial services sector, and thereby fostering inclusive growth and economic empowerment across Africa. Esteemed speakers from South Africa, including Lillian Barnard, President at Microsoft Africa; Zondwa Mandela from Mandela Legacy; and Chipo Mushwana, Executive of Emerging Innovation and Payments at Nedbank, are among the 35-plus speakers at the event.
Key South African players propelling cross-continental progress at GITEX AFRICA 2024 include SAVANT, Zindi, and go1.
Lillian Barnard, President of Microsoft Africa, underscores AI’s potential to unlock Africa’s growth prospects, emphasising responsible AI deployment to benefit individuals and organisations continent-wide.
Bongani Sithole, CEO of Founders Factory Africa, identifies challenges facing African startups, including product-market fit, talent acquisition, scaling while preserving company culture, and fundraising. Despite these hurdles, he highlights opportunities for startups to innovate and enhance competitiveness.
Sithole anticipates continued mergers and acquisitions in the African startup ecosystem, driven by larger companies seeking to acquire early-stage ventures, thus bolstering the ecosystem’s strength.
At GITEX Africa, Sithole advocates for hands-on support for startups beyond financial backing, aiming to foster innovation and funding across Africa, advancing the tech and startup landscape.
Recognising the transformative potential of digital finance, the South African government aims to achieve 90 per cent banked status by 2030, fostering financial inclusion and socioeconomic development. Despite progress, targeted interventions are imperative to ensure equitable access to financial services, as South Africa embraces innovation to chart a more inclusive and prosperous future.
