Wim van der Beek, managing partner atGoodwell Investments, at Quartz:
African fintech is not disrupting the existing financial service providers. This is because, in many areas of the continent, there is nothing to disrupt, with large swathes of the low and lower middle income segments unserved or under-served when it comes to formal financial services.
Across most of the continent, there is no formal banking or financial infrastructure in rural areas, due to the high cost of rolling out banking infrastructure. Even those in urban areas are priced out of more developed financial services such as credit and insurance.