Across South Africa, millions of informal workers keep our towns and cities running: street vendors, domestic workers, market traders, delivery riders, and gig workers who power the everyday economy.
Yet, despite their significance to the South African economy, most of these workers remain shut out of the formal financial system. They cannot open bank accounts because they lack formal identification, proof of address, or regular income. Many are migrants who face even greater barriers.
For them, financial exclusion is a daily reality that limits their ability to save securely, grow their small businesses, or participate fully in a changing economy. Traditionally, cash has played an important role in bridging that gap: offering a trusted, immediate way to trade, no matter who you are or where you come from.
Cash’s decline
But that world is disappearing fast. Across South Africa, and indeed around the world, fewer people are carrying cash. Standard Bank has reported a 64% decrease in cash withdrawals and a 200% increase in digital transaction volumes.
The COVID-19 pandemic accelerated digital payment adoption, and today, a growing share of consumers prefer to tap or scan rather than count notes. While this shift is convenient for the connected, it has come at a cost for those left outside the digital economy.
A fruit vendor or car washer might now lose sales because, while the demand for their products and services remain the same, many customers simply aren’t carrying cash. For informal workers already operating on the margins, this loss of cash-based income translates into lower earnings, reduced stability, and increased financial vulnerability.
It is in this context that the role of fintech to drive up financial inclusion is so important. At Street Wallet, we’ve built our platform specifically to help South Africa’s informal workers thrive in a cashless economy.
Trust through simplicity
Street Wallet is a digital payment platform designed for people who work informally, and may lack the documents or income to access a traditional bank. The app allows users to receive payments directly to their phone, instantly and securely.
Here’s how it works. A street vendor signs up on their smartphone with a simple KYC process. Within minutes, they now have a Street Wallet account that can receive payments via QR code, tap-to-pay, or mobile transfer. There is no need to buy any equipment such as a card reader, and the process requires no mobile data or internet connectivity.
Customers can pay by scanning the QR code provided, using trusted gateways such as Zapper, Apple Pay, Samsung Pay, and SnapScan. Vendors receive instant SMS confirmations that the payment has been completed, with the day’s takings converted into Standard Bank Instant Money Vouchers, which can be cashed in the next morning.
Street Wallet is able to convert digital payments to cash in less than a day; a speed which is crucial for cashflow conscious traders that need to buy new stock or pay daily cash rent in order to operate.
Digital payments also provide a safer alternative to cash, reducing the risk of theft or loss, a daily threat for workers who carry their takings home each night. Transactions are recorded securely, giving users a clear picture of their earnings and spending. Over time, this digital record can become the foundation of a financial identity, which can open doors to credit, insurance, and savings products.
For many informal workers, this is the first step toward genuine financial empowerment. A trader who once relied on uncertain, cash-based income can now earn more, store value securely, and plan ahead with confidence. The impact on household well-being is tangible: more consistent income, more savings, and ultimately, a better standard of living.
It’s essential that the fintech industry, in South Africa and around the world, finds ways to cater to the unique needs of informal workers. After all, the informal economy represents around 25% of South African GDP. Yet much of this economic activity still remains disconnected from the digital ecosystem. By linking informal workers to digital payments, we can strengthen their financial resilience, and unlock new engines of growth.
A fairer, digital future
Affordability, accessibility, and trust must sit at the centre of fintech’s approach to inclusion. Digital tools have to reflect the realities of the informal economy: no costly hardware, and no hidden conditions. Street Wallet was built with these principles in mind: a deliberately low-tech solution that works on any phone, requires no setup costs, and allows users to secure higher revenues in an increasingly digitalised economy.
Equally important is ensuring that money moves at the pace of people’s lives. Informal workers rely on quick access to their earnings to meet daily needs, from restocking goods to paying transport or rent. Street Wallet enables quick, reliable withdrawals and payments, helping users manage their finances without interruption or delay.
If fintech can embed these values into its design, the disappearance of cash need not deepen exclusion: it can become a catalyst for greater opportunity and financial growth.
The real test for the fintech industry is not how fast we can make payments for those already banked, but how meaningfully we extend new digital opportunities to those who have been excluded for too long. Every street trader, domestic worker, and gig driver deserves a place in the digital economy.
The future of money is digital. But for that future to be fair, it must be inclusive: built for everyone, especially those who have been left out the existing systems for far too long.
- Kosta Scholiadis, CEO and Founder of Street Wallet
