MichaelJordaaninconversationwithMoneyweb-OpportunitiesinAfricanFintech

 

Michael Jordaan in conversation with Moneyweb - Opportunities in African Fintech

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Why the next fintech unicorns may come from 'boring' ideas

The case for practical innovation.

Most of the biggest opportunities in fintech are not flashy or disruptive – they are practical solutions that address real customer needs.

Speaking to Moneyweb’s Jeremy Maggs at the RMB Think Summit, Michael Jordaan – founder of Montegray Capital and a partner at Chronos Capital – shares his views on financial inclusion, mobile money, artificial intelligence (AI) and the importance of understanding underserved customers.

According to Jordaan, the next wave of success in financial services will come from understanding underserved customers, leveraging AI, and building products that solve everyday problems often overlooked by traditional banking.

The future of fintech and financial inclusion

Jordaan highlights the rapid growth of mobile money across Africa, where transaction volumes increased by 24% last year – largely driven by the informal economy. The trend, he says, reflects the value of building around customer needs rather than technology trends.

He argues that many financial institutions continue to design products for the wrong customer.

Fintechs are finding success by serving people outside traditional banking systems through tools such as USSD banking, feature phone compatibility, and community-based access points.

The discussion also explores the relationship between traditional banks and fintech startups.

While established banks continue to serve sophisticated customers effectively, Jordaan believes fintechs have been more successful in addressing the needs of lower-income and previously

excluded market segments. Increasingly, incumbent banks are responding through partnerships and acquisitions.

Jordaan describes AI as a transformative force that businesses can no longer afford to ignore.

He stresses that successful organisations will be those whose leadership actively embraces AI, invests in learning, and integrates the technology throughout their operations.

Looking ahead, Jordaan suggests that the next generation of successful fintech businesses will be built by small, highly capable teams leveraging AI to develop low-cost solutions and distribute them through existing banking and mobile networks.