What is Fintech?
Financial technology or better known as ‘fintech’ is a term used to describe any technology that delivers financial services through software, such as mobile payment apps, online banking, or even cryptocurrency. In short, it improves the delivery of financial services. Fintech’s main focus is to make sure customers’ experiences are comfortable and effortless.
Evolution of Fintech.
A fun fact: The ATM was/is the first form of fintech services. Fintech has been around since the late 1900s. It has been around for decades and has only been improving as technology changes. In today’s world, as we know it, fintech has become a booming industry, thus being the domain of most major lenders and financial institutions. Technology has become a major influence in fintech. Since the technology world is constantly evolving, so is fintech. Being financially stable and secure has become easier for big companies, small companies as well as individuals. Companies are now marketing a range of innovative financial solutions for both businesses and individuals. From changing how people interact in their everyday lives financially to helping find investors.
Fintech Globally
“There are now over 26,000 fintech companies globally that employs half a billion people” Dominique Collett.
This statement is true because fintech companies are taking over the financial world. More and more finance companies are joining more tech companies since the start of the Coronavirus pandemic. The pandemic has had a huge impact on fintech making it grow bigger because during the start of the pandemic people could not interact with each other face to face as we all know. Thus this made the fintech world grow because more or less 64% of consumers started to make use of one or more fintech platforms. Domonique Collett, claims that 96% of global consumers are aware of one or more fintech platforms for the year 2022. Taking the fintech world from small scale to mainstream. The future of fintech globally looks very promising. If you consider the fast-growing thereof since 2020. Year by year the fintech sector is doubling, as more and more fintech companies emerge. It can be expected that fintech will be taking over the financial sector globally, as many global banks, investment managers and insurers intend to increase their partnership with fintech platforms in the next 3-5 years. Thus it is safe to say that partnerships between finance and tech companies will be increasing considering the fact fintech platforms generate and increases revenue fast and easily.
Fintech in Africa.
Fintech in Africa has been one of the biggest stories of 2021. The amount of funding for African fintech increasing to $2billion compared to half a billion in 2020. Africa is trendy in terms of fintech. The African market is not that mature making Africa perfect for the world of fintech. Fintech has a bright future globally but especially in Africa, because of the fast-growing technology as well as factual statements on funds doubling in size between 2020 and 2022. South Africa is most important because major fintech companies such as JUMO, YOCO, and OZOW are based in South Africa. The abovementioned companies have raised significant funding from offshore investors. Putting South Africa at the forefront of the fintech business. As stated above Africa, especially South Africa is a hotspot for fintech companies. Thus it is important to encourage individuals and SMEs to join fintech companies.
Different types of payment gateways in the fintech world.
Currently, quite a few major companies competing in the fintech game. Fintech is one of the world’s leading business ventures, thus the competition between the different payment gateways. Most of these companies offer an unlimited amount of services and some are very limited to a maximum of 3. Most of these services are ridiculous and do not fit individuals and businesses financially. Some of these companies charge fees with every transaction that is being made, and most of these companies have interest rates of 3.2%, 3.5%, 4.5%, and 5.5%. This is bad for the SMEs (small to medium-sized enterprises) because to generate money they need to save money instead of losing money by choosing payment gateways that take such a big chunk of their money. These major financial gateways take at least five to seven working days to pay out or transfer funds into your account.
OMoney.
OMoney is a financial solution provider offering neo-banking products for financial companies. With OMoney you can start your neo-banking services in a matter of hours. OMoney is an innovative and user-friendly payment gateway. Providing services for organizations and individuals to bank and make payments with ease and convenience. OMon330ey offers different types of services such as; personal accounts, business accounts, debit cards, payment services, time and payment services, and an accounting system.
Why you should choose OMoney:
You get paid within 24 to 48 hours with a direct deposits feature. With direct deposits, your payroll funds clear instantly, giving you immediate access to your hard-earned cash. Omoney offers an early direct deposit which allows you to get paid up to two days early. With OMoney you can:
- Trust; OMoney understand the needs of its customers, respects them and offers relevant services.
- Rewards; you get 500 bonus pointson opening your OMoney account and earn points on every R100 you spend.
- Flexibility; OMoney is open 24/7 every day of the year from anywhere at any time.
- Customer-centric; OMoney’s focus is on our customers, meaning Omoney’s vision is centered on making our customers happy by meeting their financial needs.
- Reliability; OMoney is constantly exceeding our customers’ expectations.
Omoney is the new vibrant, trustworthy and innovative payment gateway: Omoney has an interest rate of 3% compared to other major companies in the fintech world. This payment gateway pays out in 24hours compared to their competitors who pay out in five to seven working days as mentioned above.
