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Standard Bank: Africa’s Fintech culture transforming forex market

GRC Announcements | June 1, 2018

Africa’s fragmented markets and lack of legacy foreign exchange trading infrastructure means that the continent has become a melting pot of fintech activity and innovation.

In South Africa, only five years ago almost 90% of foreign currency trades happened over the telephone. “Today, despite challenges around illiquidity and complicated political and capital control environments, approximately 75% of trades are conducted digitally with a mere 25% conducted on the phone,” says Tim Hutchinson, head of digital for financial markets at Standard Bank.

With 57.6% of the world’s 174 million active registered mobile money accounts in Sub-Saharan Africa, the continent is becoming a world leader in fintech generally—and mobile money, in particular. The foreign exchange flows that Africa’s expanding fintech culture supports are...

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