“Fintech”. A word many people may come across and not exactly understand what it means. Fintech more simply is short for financial technology and refers to technologies and business models which are rapidly changing the financial services industry. Fintech is used on a day to day basis by millions around the world for acts such as contactless payments, crowdfunding platforms and virtual currencies.
In short, Fintech is enabling financial services to have an online platform and in doing so have helped countries around the globe who are unable to access the traditional bank for services such as loans and insurance. Kenya is a prime example who benefitted from fintech by using a service called M-PESA, which enabled 2% of Kenya’s population out of poverty. Fintech first emerged in the 21st century and now has become a global trillion-dollar industry!
By Baneen Shah