How Fintech in Africa today is blazing the trail in the tech world

 Technology has given us so much to exhibit and execute and the new world order is here to stay, from biological engineering to cyber security, having a synchronized, decentralized system of job execution to website and  software development. And with the web at our fingertips coupled with internet and connections across the globe , it is indeed "cloudy" with mind blowing discoveries.

      The financial world has always been in existence right from the days of trade and barter , before monetary development and their values. As people's efforts needed to be rewarded and their labour paid for , so did the need for these "rewards " and labour payments. Herein lies the idea of what "money" is, that is ,anything that could be exchanged or traded which is legally accepted and acknowledged by (each parties ) all.

     In many Africa cultures ,there are satisfying ways  to "get paid" for labour cost acceptable to parties involved in the exchange . In order to meet both terms and conditions ,  instances and practices around the globe where people gather forces , labour and assets with agreeable expectations and returns collectively and individually gave rise to reservoir , safes , co-operatives,  and societies . All these attempts at creating a pool of labour , assets and values gave rise to the now institution (banks ) whose main role is to render these services aforementioned.

     Financial technology is the use of technology in the financial industry, it is the incorporation of technology into financial practices. Of all the technological sectors , the financial sphere is by far the most rapidly growing sector in the tech space as humans had , have ,will always have the desire to collate wealth and this comes in different forms in wealth creation.

    The introduction of technology in financial sector has narrowed the gap between the privileged class and the not so privileged, putting us on a fair scale to compete in the business world as several digital platforms offer helping hands in terms of investment and capital to execute ideas , projects and innovations which in turn create employment opportunities.

    Also , the web 3.0 with its entourage of cryptocurrency, Nfts and other digital token –based economics has brought and made wealth acquisition accessible to both young and old boosting the influx of money into the economy . The blockchain pattern ensured that there is no third party or a go –to–man to affirm transactions. There is absolute accountability for data and information which eliminates forgery and fraud .

   Furthermore , Africa on a technological scale is underdeveloped but then ,the merge of technology and finance brought about online banking , payments can be made between businesses from the comfort of their firm to another with no hitch whatsoever. Transactions are made globally with ease , small and large scale organization are able to manage their wealth and improve their portfolio with access to information and data. 

        Moreover, fintech made available several platforms to send , receive and make these transactions, it has provided avenues for real entrepreneurs, businessmen and women to put their goods, wares and services out there to the world. Fintech is indeed the trail blazer .