FinTech – for those of us not already familiar with the concept – stands for ‘Financial Technology’. The financial world is often looked at as stagnant, unmovable, and not very revolutionary. FinTech companies have emerged though to give these big dogs a run for their buck. These are the companies that challenge the status quo in the financial world by pitting software against more traditional ways of handling finances. The Africa FinTech Awards are meant to celebrate and reward the achievements of these brave companies. There have been quite a few starting up in Africa, but how lucky are we to be host to two of the companies that were nominated?!
Branch has been our member for quite a while now, and their app has done wonders in giving access to loans to people who otherwise wouldn’t qualify for a bank loan. The more you build a relationship with the app, the better the loans get, and easy access to small-scale loans has done wonders in improving the livelihoods of many people across Kenya and Tanzania. Umati Capital might not have been around for that long, but even they have been making incredible strides in revolutionizing access to finance through tech! Focused primarily on dealing with suppliers and small-scale businesses rather than individuals, they give young entrepreneurs a chance to thrive with capital they otherwise would have a hard time getting.
Voting ends on September 15th, make sure you toss your vote in here for both of them before then. The winners will be announced on October 13th at the Finance Indaba expo in Johannesburg.