NEWS
FinTechs are on the rise while the number of bank branches is falling
According to data from Finnovista , Colombia is the third largest ecosystem of FinTechs in the region , behind only Mexico and Brazil .
The increase in FinTechs of different verticals is due , among other reasons , to the good numbers presented by the Colombian economy that , according to reports from the Organisation for Economic Co-operation and Development , is the country that will grow the most in 2022 among nations that make up the OECD .
Moreover , until 2023 , Colombia will continue to lead growth in the region .
The arrival of referenced FinTechs in the region has been another reason for digital banking becoming a real option for consumers .
An example of this is Ualá , a company of Argentine origin present in Argentina and also in Mexico , which started its operations this year in Colombia with an initial investment of US $ 80 million .
The emergence of a diversity of digital channels has caused the closure of bank branches in the last three years , and the pandemic has been the main reason for this phenomenon .
According to the latest operations report from Colombia Financial Superintendence ( SFC ), 6.9 % of traditional bank branches closed in 2020 . In 2021 , the entity reported the exit of 3.1 % of branches from the market .
In parallel to the phenomenon of the decline in the number of branches worldwide , the FinTechs industry is growing . IDB data shows that the industry doubles in size every three years in Latin America and the Caribbean .
Unifi ’ s payout times are redefining credit in Sub- Saharan Africa
“ While all our customers are formally employed , like most households around the world right now , they are struggling to stretch their salaries from one payday to the next ,” said Graham Crawford , COO , Unifi Africa . “ Our fast , easily accessible loans give them a welcome boost when there are unforeseen and extra expenses .”
Unifi has 40 branches across Zambia and Uganda , with its first branch in Kenya opening soon . It offers an in-person loan application at the company ’ s branches for first-time customers , after which customers can make repayments or apply for its next loans on a self-service-basis using Unifi ’ s USSD app .
Unifi is enabling its clients to apply for short-term personal loans and have the money in the bank within minutes . Its impressive speed puts Unifi a few steps ahead of similar products in this space and makes life easy for customers in underserved markets .
Through the Unifi website , customers in the South African market can apply for a short-term personal loan by filling out an application form and automatically sharing their proof of income through a secure online portal . Unifi ’ s smart system then conducts an automatic affordability assessment and is subsequently able to instantly approve the application , with the funds transferred immediately into the customer ’ s bank account . www . intelligentfin . tech
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