The pandemic has changed consumer behaviour substantially, with 30% of banking consumers now using app banking and 64% of consumers using one or more fintech platforms.It is quite extraordinary how quickly consumers have adopted fintech; 96% of global consumers are aware of at least one fintech service or company, taking it from a niche sector to becoming mainstream.
There have now also been mega-rounds locally with Entersekt, Jumo, Yoco and Ozow raising significant funding from offshore investors. On the continent, Flutterwave and MFS Africa raised hundreds of millions of dollars from big US investors. A lot of money was raised with emerging market mandates and these funds have to be deployed soon. We are seeing extraordinary evaluations for fintech businesses and I suspect a lot of it is fuelled by the sky-high valuations for fintech globally.
Parametric insurance, often based on smart contracts, pays out automatically when the insured event happens, reducing the lead time of the claims process. For example, if there was a flood and your flood sensors picked it up, your parametric insurance policy would payout instantly.Wellness is another big theme as Covid has shone a spotlight on physical wellness and the management of chronic diseases, as well as mental wellness.
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