Among the many fintech companies in Africa, a slew of them has focused on solving problems in payment- remittances and businesses (Customer to Business (C2B) and Business to Business (B2B) payments). For businesses, it was essential to give them access to financial services. With about 70% of the over 100 million businesses in Africa, there were considerable benefits in granting them access to financial services. These businesses contribute a large percentage of employment and Gross Domestic Product (GDP), making them critical for the continent’s socio-economic growth.
But without payment solutions for these businesses, they were unable to grow and innovate to properly contribute positively to employment and economic growth in their countries. So fintech companies had to go to work.
Today, many companies giving businesses across the continent access to financial services exist, but no company embodies this mission more than Fincra.