ADVERTISEMENT
TechEconomy
Friday, June 6, 2025
No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Podcast

Home » Bridging the Gap: Using a Multi-faceted Approach to Combatting Financial Inequality

Bridging the Gap: Using a Multi-faceted Approach to Combatting Financial Inequality

Admin by Admin
October 3, 2023
in Guest Writer
1
Financial Inclusion by ANDY JURY, CEO of Mukuru
ANDY JURY, CEO of Mukuru

ANDY JURY, CEO of Mukuru

RelatedPosts

Harnessing the Power of Empathy: Fostering a Compassionate Workplace Culture

The Rise of Intelligent Collaboration in the Workplace

June 4, 2025

The Cloud Doesn’t Have to be Costly for Your Business | Here’s How

June 3, 2025

Writer: ANDY JURY, CEO of Mukuru

Formal financial and economic inclusion remain pivotal in addressing the rampant inequality in many African economies today.

In 2022, as South Africa grappled with scheduled and unscheduled power outages, businesses were put under tremendous strain as revealed in the FinMark Trust 2022 report.

With an estimated 50% of financial transactions in Africa occurring in an informal, over-the-counter, cash-to-cash, unregulated setting, there is significant potential to adopt digital solutions designed to bring about financial inclusion.

But more than the technology, driving financial inclusion comes down to using a customer-centric approach to financial services.

For any business, this is a logical thing to do. For fintechs, it shows an understanding of the importance attached to promoting financial and economic inclusion in communities throughout the country. Such an approach is not just about the bottom line.

It is about creating a discernible impact on people’s lives. Listening to and understanding the needs of the communities in which a fintech operates, to tailor solutions that focus on driving financial inclusion, has become a business imperative to stay relevant.

The adoption of the Mukuru Card / digital wallet reflects the current need in the market for all South Africans to access financial services.

Its use and adoption has grown consistently since its launch over a decade ago and with nearly half of the active Mukuru customer base using digital wallets in some form, it is a clear sign that there are significant opportunities to unlock for service providers looking to access the underserved market.

Much of this comes down to designing solutions that reflect an understanding of the friction points when it comes to payments.

It is about reducing the disruption people experience by creating something that reflects how a business can help overcome the challenges they face daily.

In doing so, a service provider can unlock significant opportunities to bring in those people previously excluded from the traditional financial services ecosystem.

Not only is it the right thing to do, but it enables fintechs to build a sustainable business by offering solutions that customers need and want.

Ecosystem of support

For instance, interventions to address financial inequality should be interconnected and tailored to solve the practical challenges many communities face.

One example of this is how we at Mukuru are focused on reaching the unbanked and underbanked population by offering accessible, low-cost remittance services.

Simultaneously, the organisation provides a digital store of value, allowing customers, for many of whom this is a first-time experience, to safely keep and manage their money.

By facilitating easier sends with these digital stores of value, the opportunity cost for spending in other areas is lowered, thereby linking financial health to overall economic progress.

These solutions are integrated to provide a degree of formalised financial services to those overlooked by the traditional banking system.

However, there are still significant barriers to banking which many face in South Africa, as outlined in the FinMark Trust report: the cost of acquiring POS devices, bank fees for digital transactions, and the challenge for informal businesses to get a bank account.

Savvy fintechs address these barriers by providing services that require minimal initial outlay and offer affordability.

This includes leveraging technology to allow for seamless transactions without the need for costly devices, as well as offering services that can be accessed without a traditional bank account.

People first

Moreover, Mukuru understands that embracing technology must not overshadow the human element. As such, the business has developed digital solutions like mobile apps and Web platforms, which offer convenience and ease of access. But crucially, we maintain a vast network of physical locations where customers can engage in person, receive support and guidance – underlining the essential role of the human touch in driving financial inclusion. For instance, we have 1,500 field agents currently active across the country to provide in-person assistance to customers.

A significant aspect of this approach is recognising and addressing barriers to formalisation, as identified in the FinMark Trust report, such as the perceived administrative burdens and limitations on required documentation, particularly for immigrants.

Mukuru strives to create an environment that encourages formalisation, with supportive guidance to help customers and informal businesses navigate these challenges.

This multi-faceted approach aims to address different aspects of inequality, from access to banking services, digital literacy, and limited internet connectivity. It is therefore not just about bringing banking to the unbanked, it is about ensuring these new users can comfortably navigate this new world.

To this end, there cannot be a single point of failure. This is why it is critical to invest in building the necessary redundancy when it comes to payment solutions. For instance, having a mobile app, USSD, WhatsApp, a contact centre, and physical booths all available to customers to transact more reliably.

By staying customer-centric and strategically deploying technology, Mukuru provides an inspiring model for financial service providers seeking to drive financial and economic inclusion.

This human-focused approach may well be the key to harnessing the full potential of fintech in addressing inequality, and in paving the way for a more inclusive and equitable future for all.

In practice, every new customer that is added to this ecosystem not only increases the service’s value but also amplifies the impact on economic inclusion.

Invariably, this creates a positive cycle where everyone benefits from a more connected network. At a fundamental level, Mukuru’s approach underscores the power of connectivity in reshaping the financial landscape towards greater inclusivity.

3 total views , 1 views today

Advertisements
MTN ADS

Author

  • Admin

    TechEconomy is a Distinct News Media That Focuses on BUSINESSES, PEOPLE, PLATFORMS, INSTITUTIONS

    View all posts
0Shares
Tags: ANDY JURYFinancial inclusionMukuruMukuru Card
Previous Post

Stitch’s Goal of Digitizing Africa’s Financial Sector Receives $25 Million Boost

Next Post

Email Security Remains Critical for Organisations’ as Threat Actors Embrace AI

Admin

Admin

TechEconomy is a Distinct News Media That Focuses on BUSINESSES, PEOPLE, PLATFORMS, INSTITUTIONS

Related Posts

Harnessing the Power of Empathy: Fostering a Compassionate Workplace Culture
Guest Writer

The Rise of Intelligent Collaboration in the Workplace

by Techeconomy
June 4, 2025
0

When Microsoft’s Copilot AI first emerged, it was a sharp junior helping users crush the grunt work, but what’s emerging...

Read more
Tobi Ogundare Ogundare | Red Hat Cloud for Business

The Cloud Doesn’t Have to be Costly for Your Business | Here’s How

June 3, 2025
Power of Inconsistency | Chelsea wins Conference League 2025 - GettyImages

The Power of Inconsistency

May 30, 2025
The Silent Killer of Great Companies | Tolulope Obianwu

The Silent Killer of Great Companies

May 29, 2025
Telecommunications infrastructure | Children's Education by Femi Adeniran

For the Children, For the Future: Why Airtel is Doubling Down on Children’s Education and Marketable Skills

May 27, 2025
MTN GO M.A.D - Kanyeyachukwu 'Kanye' Tagbo-Okeke | Impossible is a myth

Impossibility is a Myth | By Ozichukwu Tagbo-Okeke

May 27, 2025
Next Post
Cyber security month - Email security

Email Security Remains Critical for Organisations’ as Threat Actors Embrace AI

Comments 1

  1. Pingback: Building a Digital Bridge to Financial Inclusion in SA’s Informal Sector - Tech | Business | Economy

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Techeconomy Podcast

Techeconomy Podcast
Techeconomy Podcast

Infowave is brought to you by TechEconomy. Every week we will bring new stories from startups and influencers who are shaping and changing the world we live in. We’ll also bring you reports on topics you should know.

Follow us @techeconomyng for more.

Audio Player
TECH TALK EPISODE 2
Techeconomy Podcast
TECH TALK EPISODE 2
PRODUCTIVITY AND WORK-Life Balance[...]
  • 0.8
  • 1
  • 1.2
  • 1.5
  • 2
Download
  • Facebook
  • Twitter
  • Linkedin
  • Copy episode link Copied
  • Download
Captions
00:00
00:00
TECH TALK EPISODE 2
byTecheconomy

PRODUCTIVITY AND WORK-Life Balance

TECH TALK EPISODE 2
May 22, 2025
Techeconomy
CYBERSECURITY ESSENTIALS
April 24, 2025
Techeconomy
Digital Marketing Trends and strategies for 2025 and beyond
February 27, 2025
Techeconomy
Major Lesson for Techies in 2024 and Projections for 2025
December 6, 2024
Techeconomy
Major Lessons for Techies in an AI-Driven World | Techeconomy Business Series Highlights
November 26, 2024
Techeconomy
Maximizing Profitability Through Seasonal Sales: Strategies For Success
November 8, 2024
Techeconomy
Techeconomy Business Series
October 15, 2024
Techeconomy
PRIVACY IN THE ERA OF AI: GETTING YOUR BUSINESS READY
May 30, 2024
Techeconomy
Unravel the Secrets of Marketing Everywhere All At Once with Isaac Akanni from Infobip | Infowave Podcast Episode 1
February 9, 2024
Techeconomy
The Role of Ed-tech in Life Long Learning and Continuous Education
October 19, 2023
Techeconomy
Search Results placeholder

WHAT IS TRENDING

Video Player
https://www.youtube.com/watch?v=g_MCUwS2woc&list=PL6bbK-xx1KbIgX-IzYdqISXq1pUsuA4dz
00:00
00:00
00:31
Use Up/Down Arrow keys to increase or decrease volume.

Follow Us

  • About Us
  • Contact Us
  • Careers
  • Privacy Policy

© 2025 Techeconomy - Designed by Opimedia.

No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS

© 2025 Techeconomy - Designed by Opimedia.

Translate »
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.