The value of deposits and withdrawals by Ghanaians using mobile phones for banking and mobile money transactions almost doubled in 2017, according data published by the central bank.
The technological revolution in the Finance sector across the world has caught on rapidly and is projected at a larger growth in the coming years. Though initial reception in Africa may have been slow, the years after the global meltdown saw a rapid rise in the creation and use of Fintech products. For a long time, insurance companies in Africa and the world as a whole faced several hindrances in running their businesses and prevalent of these were premium payments. These companies thrive on regular premiums paid by policyholders. Therefore, any safe option that makes payment of these premiums stress-free, fast and straightforward is welcome. It is no wonder these companies in Africa have openly embraced Fintech in the form of mobile applications and websites which allow policyholders to pay through diverse platforms, access their accounts, make inquiries and requests among other exciting choices.