Everyone can now withdraw money using mobile wallets designed by Fintechs
The local financial technology (Fintech) industry is booming in Africa in a category largely ignored by the developed world.
Last year, the Bank of Ghana’s Payment Systems Statistics valued the worth of mobile money transactions at over GH¢78 billion, a significant increase over GH¢35 billion in 2015.
At the forefront of the burgeoning fintech success story are companies such as expressPay, locally founded and ambitiously pushing the envelope to bring their customers financial solutions that truly serve their needs.
However, in spite of these positive trends, industry watchers question whether the fintech boom will outlast its growth and go mainstream.
expressPay’s CEO, Curtis Vanderpuije, believes the fintech industry is experiencing a complex growth spurt characterized by exciting gains yet growing pains.
According to him, the growing pains are challenges necessary to guarantee future success of the fintech industry.
Fintechs like expressPay have to be innovative and provide a unique service experience in order to become the go-to choice for consumers.
Beyond instant airtime top-ups, instant internet payments, instant paid TV payments, etc, expressPay pioneered innovative solutions in the money transfer space.
The platform offers an interoperable solution enabling their customers to move funds from banks to any of the mobile money schemes or even across all mobile money platforms.
“The usability of fintech apps must encourage and not deter users. Payments should be simple. We believe our users must navigate our app easily, hence our focus on user experience,” said Curtis, who championed his app’s ease of use.
“The fintech space is vibrant and we’re proud to say expressPay has been a strong player from the start. It’s been a remarkable journey, and we’re only getting started. We’ve had to learn the unique characteristics of our users. What forms the basis of our work is the drive to ensure our customers find expressPay a convenient cash-lite solution that improves their lives,” Curtis said.
He revealed that Kenya and Tanzania, the most successful mobile money markets in Africa, are leading the way and are turning their economies truly cash-lite.
He therefore said continuous innovation by Ghanaian fintechs like expressPay will soon translate into seamless payments across all segments of the economy, making business swift, efficient and ultimately bringing more people into the digital era. “Industry watchers can rest easy that several years down the line, they will be commenting on the explosive success of Ghanaian fintechs and their positive impact on the economy.”