GenZs largely
lead Africa's booming creator economy. These African creators—freelance
writers, designers, videographers, Tiktok content creators, bloggers, and
podcasters make money globally and rely on fintech apps like Chipper Cash,
Flutterwave, and Wise to make transactions around the world.
Fintech apps
are the future of banking - and GenZers in Africa are more excited about them
than anyone else.
Here are five (5)
reasons why African GenZs care so much about Fintech
Simple Interface and
UX
Fintech apps are accessible and easy to use, and they are
available on smartphone browsers, tablets, and laptops. The app’s mobile
interface is simple and user-friendly, making it easy for anyone in Africa with
an internet connection to use these apps.
Rewards and Use
Cases
Modern Fintech apps let you do more than send or save
money and have more advanced features. Apps like Carbon push instant
notifications when you send money and when the recipient receives the funds.
Some Fintechs have more attractive offerings, benefits,
and use cases.
For example, some have a referral system and reward you
for participating in surveys or sharing the app with friends.
24 years old Ndidiamaka uses Carbon to avoid stories
"it is Carbon for me because it lets me know when the money has entered
the receiver’s account. I have receipts, so no stories".
Automated Savings
With fintech apps, you can set money goals, keep a tab on
your expenses, track your progress and automate your savings.
For 25-year-old Femi, the fintech company Cowrywise helps
him focus on his savings goals. “I love Cowrywise because they forced me to
learn discipline. Once the funds are locked, nothing goes out till the maturity
date. I resent it when needing cash, but that money hits differently when it
matures''.
Invest globally
Before Trove, RiseVest, Bamboo, and the likes, it was
nearly impossible to invest or trade global stocks from Africa. But now,
Africans can become shareholders of international companies right from Africa.
Remove Limitations
In May 2022, banks in Nigeria, including United Bank of
Africa, Stanbic IBTC, and Zenith Bank, reduced the monthly dollar spending
limit to $20. At the same time, some banks like Wema suspended the use of
naira-denominated debit cards for international transactions. This was a huge
setback for creatives and freelancers.
"I spend an average of $200 a month on tech stack,
but the bank limit meant I couldn't pay my subscriptions and couldn't
work". (Godwin 23 years).
Fintech companies like Chipper Cash and Flutterwave help
to sort this so Gen Zs can make foreign purchases and receive payments around
the globe.
Conclusion
GenZ is a generation that has grown up with technology at
its fingertips. They've never known a world without smartphones, social media,
and the internet. And they've never had to work hard to find information or
learn new skills — everything they need is always just a click away.
It makes sense for this generation to rely on fintech
apps to complete daily transactions and make long-term plans.
Source:Pulse