The Evolution of Fintechs

However, more surprising examples would include companies operating in completely unrelated industries such as car manufacturers, consumer product manufacturers, petroleum companies, and even mining companies, all located within the African and Middle East considering transitioning into delivering some sort of financial service over its existing internal systems.

The whole driver is multifaceted; first, to provide more added value services to its customer base from enabling various payments facilitation and providing different lending products or what is becoming an increasingly sexy model, the infamous “buy now pay later” model allowing the average customer in the midst of these tough global economic conditions a tool to better budget their finances. But it does not stop at that, companies are using that to utilize this approach as a customer acquisition tool where a lot have deployed personalized and easy-to-use mobile applications to digitally register their customers and provide online payments to the various products & services offered. Companies are particularly becoming more aware of the benefits of enriching their own business ecosystems by extending these financial services to their suppliers, their retailers, distributors, or agents depending on which industry the company operates within.

One definite common factor is that we see that Digital Payments is most often at the heart of all the financial services possible to avail. In fact, it is becoming the fastest and easiest way into delivering the very first kind of financial service. This is a topic for another article, but this is taking a new trend in itself where we find several companies trying to acquire payments licenses from their local regulators to transition and offer some sort of digital payments services. Some even have ambitions to acquire specific licenses enabling them to offer direct lending and credit services.

In a nutshell, it seems to come down to how easy it is to enable this huge growing wave globally and enable an existing Fintech or companies who want to become a Fintech. Evidently, VERICASH has been leading this across Africa way before it has turned into a trendy buzz phase. VERICASH is a Fintech Enablement Platform, whose technology provides the tools to easily configure any sort of financial services from its simplest forms to some of the more complex to easily deliver across multiple digital channels. It has in fact had the experience of doing so across numerous markets helping a variety of financial establishments such as digital only banks, microfinance institutions, and other Fintech startups easily deploy and launch in a staggering mere few months offering a very fast go to market launch which is crucially essential for a lot of them. It additionally, provides the agility and scalability that a lot of these Fintech require to easily expand and grow not only within a specific market but internationally too. Moreover, it provides the flexibility and ease for a lot of these non-financial companies to adopt a platform that empowers it to quickly offer these variations of innovative digital financial services whether through an acquired license or aggregating it through strategic partnerships it will engage in.