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Africa and the Middle East’s industry to embed payments, credit, savings, investing and insurance products on non-financial platforms is set to almost triple in value by 2029 to around $40 billion. South African retailer Woolworths saw profits in its financial services segment double in FY 2024, through a joint venture with Absa offering in-store credit, credit cards, personal loans and short-term insurance. Embedded finance could bring essential services to the underbanked, but the segment remains constrained by fragmented regulatory frameworks, inconsistent digital infrastructure, lengthy licensing procedures and challenges integrating with legacy systems. In a closed-doors roundtable, traditional financial players, fintechs and regulators discuss developing a regulatory environment to capitalise on a booming sector that could revolutionise financial inclusion.
Key points:
- From telco to e-commerce platforms: Overcoming tech hurdles to embed exciting financial products in digital consumer channels
- Streamlining approvals and oversight for embedded finance: Balancing consumer protection with efficient licensing processes and a purpose-built regulatory framework
- Winning consumer trust: Developing a strategy for widespread adoption