The Fourth Industrial Revolution is upon us and with it the growth of financial technology (FinTech), which is quickly changing the world and holds much promise for the African continent.
Gunguluza is looking into bringing both these innovations by launching the first FinTech bank on the continent at the Hilton Hotel in Sandton on 12 December.
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The new age challenger bank will be introduced as the new FinTech division of the Gem Group and will give customers high-level access to banking in real-time and absolute transparency.
“There are over 15 million smartphones users between the ages of 16-34 in South Africa alone, and that is our primary target market. We intend on creating a borderless bank that will serve and ultimately unite Africa,” Gunguluza says.
FinTech entrepreneur and bank co-founder Thabang Kekana says an app will make retail banking highly accessible to the youth and unbanked African countries by using technology, mobile and artificial intelligence that is targeted at millennials.
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“This will be first ever borderless, paperless and branchless bank in Africa to serve Africa, where all services are carried out through a mobile device in real-time. This retail challenger bank through the iPhone, Samsung or any other Android smartphone, will allow its users to open a bank account and start transacting immediately,” Kekana says.
With the rising trend of fast, automated and cyber systems, this bank will give its users access to a new marketplace and introduce them to a new world of tech and innovation.