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South Africa Fintech Market

Publisher BlueWeave Consulting
Published Aug 02, 2023
Length 200 Pages
SKU # BLWC18132144

Description

South Africa Fintech Market, By Technology (Application Programming Interface (API), Artificial Intelligence (AI), Blockchain, Robotic Process Automation, Data Analytics); By Application (Payment & Fund Transfer, Loans, Insurance & Personal Finance, Wealth Management); By End User (Banking, Insurance, Securities), Trend Analysis, Competitive Landscape & Forecast, 2019–2029


South Africa Fintech Market Size Triples to Touch USD 20 Billion by 2029

South Africa fintech market is flourishing due to deepening smartphone penetration, a large unbanked population, supportive government regulations, rising demand for digital financial services, rapid adoption of technological advancements, and a growing entrepreneurial ecosystem fostering innovation in the financial sector.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the South Africa fintech market size at USD 6.56 billion in 2022. During the forecast period between 2023 and 2029, South Africa fintech market size is to grow at a robust CAGR of 20.10% reaching a value of USD 19.68 billion by 2029. The proliferation of mobile banking and digital payments is a key reason behind the South African fintech market's expansion. These developments are being fueled by the widespread use of smartphones and better internet connectivity. Particularly among the unbanked population, this has expanded financial inclusion. Another significant development is the rise of creative fintech businesses that provide a variety of services like crowdfunding, robo-advisory, peer-to-peer financing, and blockchain-based solutions. A favorable ecosystem for fintech innovations and investments in South Africa has also been promoted through regulatory reforms and partnerships between traditional financial institutions and fintech businesses.

South Africa Fintech Market – Overview


Financial technology or Fintech refers to the integration of technology into financial services to improve efficiency, accessibility, and innovation. It encompasses a broad range of digital solutions that disrupt traditional banking, payments, lending, and investment practices. Fintech companies leverage mobile apps, online platforms, artificial intelligence, blockchain, and other cutting-edge technologies to streamline processes, enhance customer experiences, and provide financial services to underserved populations. The sector has witnessed significant growth in recent years, attracting investments and transforming the financial landscape. Fintech has revolutionized payments, crowdfunding, robo-advisory services, peer-to-peer lending, and digital currencies, shaping the future of finance.

Impact of COVID-19 on South Africa Fintech Market

The COVID-19 pandemic significantly impacted South Africa fintech market. The crisis accelerated the adoption of digital financial services as people turned to online platforms for banking and payments due to restrictions and safety concerns. Fintech companies offering digital wallets, mobile banking, and contactless payments witnessed a surge in demand. However, the pandemic also posed challenges, as economic uncertainties led to reduced investment and funding for fintech startups. Regulatory changes and increased cybersecurity risks further influenced the market. Overall, while the pandemic accelerated digital transformation in the South Africa fintech sector, it also presented both opportunities and obstacles for industry players.

South Africa Fintech Market – By Technology

On the basis of technology, South Africa fintech market is divided into Application Programming Interface (API), Artificial Intelligence (AI), Blockchain, Robotic Process Automation, and Data Analytics segments. AI is the largest technology segment in the South Africa fintech market. AI is revolutionizing the financial sector by enhancing automation, improving customer experiences, and streamlining operations. Its ability to analyze vast amounts of data and provide actionable insights is driving its adoption across financial institutions in South Africa. AI-powered chatbots, risk assessment models, fraud detection systems, and personalized recommendation engines are just a few examples of AI applications in fintech. With its potential to drive efficiency, reduce costs, and deliver innovative solutions, AI holds significant promise for the growth and development of the South Africa fintech industry.

Competitive Landscape

South Africa fintech market is fiercely competitive. Major companies in the market include PayU, Yoco, JUMO, Luno, AlphaCode, MFS Africa, Entersekt, Bank Zero, TymeBank, and Rainfin. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in South Africa fintech market.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of South Africa Fintech Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in South Africa Fintech Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

Table of Contents

200 Pages
1. Research Framework
1.1. Research Objective
1.2. Technology Overview
1.3. Market Segmentation
2. Executive Summary
3. South Africa Fintech Market Insights
3.1. Industry Value Chain Analysis
3.2. DROC Analysis
3.2.1. Growth Drivers
3.2.1.1. Growing digital adoption
3.2.1.2. Supportive regulatory environment
3.2.2. Restraints
3.2.2.1. Limited access to financial services
3.2.2.2. Digital infrastructure gaps
3.2.3. Opportunities
3.2.3.1. Fiscal management and planning
3.2.3.2. Collaboration with traditional financial institutions
3.2.4. Challenges
3.2.4.1. Cybersecurity and data privacy
3.2.4.2. Trust and consumer awareness
3.3. Technological Advancements/Recent Developments
3.4. Regulatory Framework
3.5. Porter’s Five Forces Analysis
3.5.1. Bargaining Power of Suppliers
3.5.2. Bargaining Power of Buyers
3.5.3. Threat of New Entrants
3.5.4. Threat of Substitutes
3.5.5. Intensity of Rivalry
4. South Africa Fintech Market Overview
4.1. Market Size & Forecast, 2019–2029
4.1.1. By Value (USD Billion)
4.1.2. Market Share and Forecast
4.1.3. By Technology
4.1.3.1. Application Programming Interface (API)
4.1.3.2. Artificial Intelligence (AI)
4.1.3.3. Blockchain
4.1.3.4. Robotic Process Automation
4.1.3.5. Data Analytics
4.1.3.6. Others
4.1.4. By Application
4.1.4.1. Payment & Fund Transfer
4.1.4.2. Loans
4.1.4.3. Insurance & Personal Finance
4.1.4.4. Wealth Management
4.1.4.5. Others
4.1.5. By End User
4.1.5.1. Banking
4.1.5.2. Insurance
4.1.5.3. Securities
4.1.5.4. Others
5. Competitive Landscape
5.1. List of Key Players and Their Offerings
5.2. South Africa Fintech Market Share Analysis, 2022
5.3. Competitive Benchmarking, By Operating Parameters
5.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
6. Impact of Covid–19 on South Africa Fintech Market
7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
7.1. PayU
7.2. Yoco
7.3. JUMO
7.4. Luno
7.5. AlphaCode
7.6. MFS Africa
7.7. Entersekt
7.8. Bank Zero
7.9. TymeBank
7.10. Rainfin
7.11. Other Prominent Players
8. Key Strategic Recommendations
9. Research Methodology
9.1. Qualitative Research
9.1.1. Primary & Secondary Research
9.2. Quantitative Research
9.3. Market Breakdown & Data Triangulation
9.3.1. Secondary Research
9.3.2. Primary Research
9.4. Breakdown of Primary Research Respondents, By Region
9.5. Assumptions & Limitations
10. *Financial information of non-listed companies can be provided as per availability.
11. **The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable
List of Figures
Figure 1 South Africa Fintech Segmentation
Figure 2 South Africa Fintech Market Value Chain Analysis
Figure 3 Company Market Share Analysis, 2022
Figure 4 South Africa Fintech Market Size, By Value (USD Billion), 2019–2029
Figure 5 South Africa Fintech Market Share, By Technology, By Value, 2019–2029
Figure 6 South Africa Fintech Market Share, By Application, By Value, 2019–2029
Figure 7 South Africa Fintech Market Share, By End Users, By Value, 2019–2029
List of Tables
Table 1 South Africa Fintech Market Size, By Value (USD Billion), 2019–2029
Table 2 South Africa Fintech Market Size, By Technology, By Value, 2019–2029
Table 3 South Africa Fintech Market Size, By Application, By Value, 2019–2029
Table 4 South Africa Fintech Market Size, By End Users, By Value, 2019–2029
Table 5 PayU Company Overview
Table 6 PayU Financial Overview
Table 7 Yoco Company Overview
Table 8 Yoco Financial Overview
Table 9 JUMO Company Overview
Table 10 JUMO Financial Overview
Table 11 Luno Company Overview
Table 12 Luno Financial Overview
Table 13 AlphaCode Company Overview
Table 14 AlphaCode Financial Overview
Table 15 MFS Africa Company Overview
Table 16 MFS Africa Financial Overview
Table 17 Entersekt Company Overview
Table 18 Entersekt Financial Overview
Table 19 Bank Zero Company Overview
Table 20 Bank Zero Financial Overview
Table 21 TymeBank Company Overview
Table 22 TymeBank Financial Overview
Table 23 Rainfin Company Overview
Table 24 Rainfin Financial Overview
Table 25 Other Prominent Players Company Overview
Table 26 Other Prominent Players Financial Overview
Table 27 NEC Corporation Company Overview
Table 28 NEC Corporation Financial Overview
Table 29 Other Prominent Players Company Overview
Table 30 Other Prominent Players Financial Overview

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