For more than half a century, the U.S. was the center of global innovation for financial technology, inventing credit cards, ATMs, and online banking. Now, however, it’s falling behind, as China has become a leader of mobile payments, and now African countries - namely Kenya - are making huge strides with familiar technologies such as mobile phones and SMS-style messaging, and rapidly expanding the circle of financial inclusion. Among Kenya’s victorious stories, our member, Equity Bank, shot ahead of competitors due to its one-stop shop appeal.
What can the rest of the world learn from Kenya’s FinTech success stories?
- Bundling services is essential to success.
- Finance is about trust.
- Look for technology enablers.
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