Author: Bradley Elliott

South Africa’s regulators, fintechs, payment companies and financial institutions have launched a range of powerful digital finance services and solutions over the past few years in an effort to displace cash-based payments and improve financial inclusion. Innovations such as digital wallets, peer-to-peer lending, online credit scoring and insurtech have transformed the financial fabric during this time. Yet for many consumers, and not just those in remote areas or low-income groups, cash remains a preferred medium for transactions. In 2023, 73% of South African point-of-sale transactions were made using cash and 95% of nationals withdrew money from ATMs at least once…