Why is the African finance industry gaining so much attention?
- Author Giorgi Mikhelidze
- Published September 24, 2020
- Word count 802
As the digital financial services industry is expanding in Africa, it gets more and more attention with time. From branchless banking to digital wallets, this country is gaining the recognition of investors and world-famous traders. They are one of the most popular nations who use transactions over mobile gadgets daily, and it mostly happens because of the rapid growth in the trading industry in Africa. The trading and cryptocurrency are helping the Africas economy because many people are joining this field and they are making their annual income from the biggest world exchange markets.
Banks are also transforming their approaches in order to make customer services better. The young people are focused on new ways of making their quality of life better and because of that, the tech-savvy population is growing rapidly.
The bankers and social analysts are fascinated by Africa’s movements and are excited enough to say that this country has every possibility to develop and never stop growing.
People and governments are driven to make digital banking easier to use. This will be a helping hand for the investors and anyone who is thinking about investing in Africa. And for the thinkers, there is no other way than to invest, because Africa is one of the countries whose future is bright. Africa is also getting some benefits from the unexpected fields as telco infrastructure. It is a perfect place for the opportunity to forward-thinking digital banks. Many people think that Africa is the number market in the world with its potential and advantages.
Africa is still dealing with some of the problems in the country, while never stopping to expand and make future based digital banking products and services which will satisfy the needs of the people who will interact with the financial institutions.
How did it all start?
This development started when in 2018 WEMA bank in Nigeria started launching the country’s first fully digital bank with amazing online customer service. Ecobank has been here with the successful development and rapid growth of users. They had 3 million users in the first six months.
The development continues while African financial focused technology is blooming. The startups are fast-growing and tech rave is continuing to evolve. In the last three years, there have been investments in fintech startups of fintech more than in any other sector. Why? Well, because the Africas market is the second market in the world. One of the biggest exchange markets, the Forex market is getting more and more popular among people and they are trying to answer the demand for online transactions with innovative technology. By creating the tech-based products which will help the investors to improve their styles of investing and exchanging, Africa’s economy will grow. Forex in Africa has exploded by 477% in the last month because income-oriented people are getting more and more aware of trading and how to make money. Online retail FX trading is unregulated currently. This is a subject of abuse for many people. Until the regulations will be developed there, there are some things one must be aware of. Of course, the benefits are growing but the amount of people who are being scammed is also increasing. There surely are some of the forex broker scams to avoid in Africa, and because of that, traders are in need of more information and developments in the technologies in order to make these uncomfortable situations disappear from their experiences. Some brokers are using big market names in order to take advantage of vulnerable people. Because of these cases, traders are focused on research before they will hire some trustworthy broker in order to work together and gain some benefits.
Africa is also becoming a success story for newcomers. There are 1.3 million traders here in which 390.00 are from Nigeria and South Africa. They have Africa’s noblest economics. Even the ones who have experienced their trades in different countries are interested in investing and trading in Africa. There are several FX platforms mere investors are extremely interested in. Local exchanges are also big here and they are always open for trading. These platforms are offering direct access and a comfortable environment for those who like to connect with the global market.
Forex in Africa
FX has seen huge developments in Africa in recent past years. The low costs of entering the market are helping new traders to connect with the global market. Most brokers are offering new platforms on everything including mobile devices. They are submitting these platforms with the minimum deposits. Sometimes it can be even $1. Brokers are additionally suggesting Nigerian traders the accounts with Naira as a base currency. That is allowing Nigerians to instantly get some funds on their accounts. This pattern is increasing across Africa and the number of investments and trading is rapidly growing each year.
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