A recent report has revealed that out of eight Sub-Saharan countries, South Africa is the only one to receive a “Ready Status” when it comes to having a robust financial services sector.
Has Africa been left behind by formal retail financial services? This is the question posed by the African Financial Retail Readiness Index (AFRRI).
The first annual AFRRI report looks at eight countries from Sub-Saharan Africa, comparing various metrics to determine the maturity of the current financial services in each country, and highlighting areas of opportunity for formal retail banking.
Produced by Calleo, a South African based marketing consultancy, in consultation with iVeri Payment Technologies, Africa’s leading payment solution provider, the report gives a thorough analysis of the key metrics that are required for a country to have a robust financial services sector.
Looking at factors such as demographics, economics, literacy, infrastructure, and existing banking footprints the report gives a ‘AFRRI score’ to each of the countries profiles and categorises them as ‘Ready’, ‘On its Way’, ‘Nearly There’, or ‘Left Behind’.
Perhaps unsurprisingly South Africa was the only country to achieve a ‘Ready’ status. The remaining profiled countries (Kenya, Nigeria, Ghana, Tanzania, Uganda, Zambia, and Zimbabwe) all fell further down on the spectrum. With large rural populations, low GDPs/high poverty rates, as well as a general lack of infrastructure, these countries generally have extremely unfavourable environments for providing financial services.
While products such as mobile money have been able to make some impact on financial inclusion (most notably in Kenya and increasingly in Tanzania and Uganda) these countries still have a long way to go in building full service retail financial sectors that are utilised by a majority of the population.
There are however signs of potential. Tanzania, for example, has demographics, economic indicators and literacy levels that show a possible demand for financial services which is clearly not being provided for. There is therefore great potential for growth in retail financial services, if the challenges around a lack of infrastructure can be overcome.
The challenge is for the retail financial services industry to come up with solutions that will work in Africa. While banks may have world-class technology, they need to consider what is feasible and provide unique solutions that are able to deal with Africa’s unique environment.
There is potential to provide much greater levels of financial services across Africa, but solutions cannot be cut and pasted from other parts of the world. They must be specifically designed for the region, country or area they are servicing.
AppDate: DStv taps Xbox, Hisense
DStv Now for Xbox and Hisense
Usage of DStv Now, the online DStv service available free to DStv customers, is increasing rapidly with more than two million plays of live and Catch Up content per week. In addition to using DStv Now to watch TV on tablets and smartphones, an increasing number of DStv customers are also opting to use it as their primary method of getting DStv on additional TVs in the house. This is set to increase with the release of two new big-screen TV apps, one for Xbox gaming consoles (Xbox One, Xbox One S, Xbox One X) and another for Hisense smart TVs (2018 and newer models).
Expect to pay: A free download.
Platform: Any of the Xbox One range of gaming consoles and 2018 or later Hisense smart TVs.
Stockists: Visit the store linked to your Xbox console or HiSense smart TV.
Santam Safety Ideas
Start-up businesses that have a FinTech or InsurTech business venture brewing are called to enter the third annual Santam Safety Ideas competition. Safety solutions or InsurTech ventures that are ready for piloting could win up to R150 000 worth of incubation support and R200 000 in seed funding.
The Safety Ideas competition was launched two years ago in partnership with LaunchLab, Stellenbosch University’s startup incubator that facilitates valuable connections for corporates and startups sourced from the startup ecosystem and partner universities in South Africa. The previous winners are Herman Bester and Anton Swanevelder, co-founders of MyLifeLine – a wearable panic device that won the competition last year; and Ntsako Mgiba and Ntandoyenkosi Shezi, co-founders of Jonga – a cost-effective security system for low income families, which won the competition in 2017.
Entries close on 28 February 2019. For more information on how to enter, visit: www.santam.co.za/safetyideas/
Click here to read about the FNB Snapchat lens, Spotify Free with data saver, and 00:37.
Fortnite fixes hackers’ hole
Epic Games has repaired a vulnerability that exposed Fortnite, the world’s most popular game of the moment, to hackers. The hole, which was left in Epic’s web infrastructure, allowed hackers to target players with email that appeared to come from Epic Games, but would have led them to a phishing site, where their log-in details would have been stolen.
Researchers at cyber security solutions provider Check Point Software alerted Epic to vulnerabilities that could have affected any player of the hugely popular online battle game.
Fortnite has nearly 80 million players worldwide. The game is popular on all gaming platforms, including Android, iOS, PC via Microsoft Windows and consoles such as Xbox One and PlayStation 4. In addition to casual players, Fortnite is used by professional gamers who stream their sessions online, and is popular with e-sports enthusiasts.
If exploited, the vulnerability would have given an attacker full access to a user’s account and their personal information as well as enabling them to purchase virtual in-game currency using the victim’s payment card details. The vulnerability would also have allowed for a massive invasion of privacy, as an attacker could listen to in-game chatter as well as surrounding sounds and conversations within the victim’s home or other location of play.
While Fortnite players had previously been targeted by scams that deceived them into logging into fake websites that promised to generate Fortnite’s ‘V-Buck’ in-game currency, these new vulnerabilities could have been exploited without the player handing over any login details.
Click here to read how the Fortnite hack would have worked.