How new fintech breed gives poor communities a leg up

From providing microloans to informal traders, to facilitating salary advances so that low-income workers do not turn to exploitative payday lenders, SA’s new fintech startups are not just trying to create the next Facebook, they are trying to find ways to solve problems confronting poor communities.

“It is very encouraging to see that a number of the businesses are solving problems in the township economy — issues that are generally ignored by corporate,” said Albertinah Kekana, CEO of Royal Bafokeng Holdings.A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

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