The move, which will initially see PCT open offices in Cape Town ahead of further expansion into Africa, will accelerate financial inclusion for the continent’s 330 million adults currently lacking access to formal financial services.
Despite Africa’s status as the largest unserved market that has been excluded from the international financial system, it is considered to hold all the prerequisites for a rapid transition into widespread adoption and usage of payment products.
The transition, which will help to improve access to financial services, will be supported by bank.VISION, PCT Africa’s cloud-based digital banking platform. Its cloud infrastructure will enable rapid, easy and secure scalability to the entire continent.
In South Africa, MasterCard reports that only 6% of consumer purchases are non-cash, despite 67% of adults owning a payment product and 51% receiving money electronically or via non-cash methods. MasterCard note that enhancing the usage of payments and banking products is a critical aspect in furthering South Africa’s financial inclusion.
Working collaboratively with local organisations, PCT Africa’s bank.VISION will enable localised financial products across online, mobile or in-branch channels, to help facilitate South Africa’s cash digitisation. Building on South Africa’s high smartphone penetration, bank.VISION will enable increased consumer to merchant payments and reduce the need for South Africans to carry cash.
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