Technology

Africa’s unbanked population are a huge market for fintech firm MyBucks

Notebook open for budget making with dollar bills, pe and a small house model

Africa is one of those markets that is untouched by most things that are popular globally. The modern definition of development has not yet been preached there and that is why there are still close to nature and leading a more laid-back life than most places. However, we must also consider that it is constantly plagued by civil wars, unstable governments, public uprising and coups. In such a situation, the global media generally look at the negative things happening in Africa such as their poverty, diseases and dictators.

We here at Reviewtech try to bring you news from various sources that portray the better side of the continent. We believe in spreading positivity with our news analysis because the more positive we share the more realization happens in reality. Africa is like a seed, it has the potential to become a huge tree but it has a lot of hurdles at this moment, which it will cross with a little cooperation.

Forbes reported on MyBucks last year regarding their growth and plans of expansion. MyBucks is the first ever Africa based financial technology company. It offers banking solutions to the underprivileged and helps them with personalized banking suggestions, insurance schemes and loan services. This has led them to cater to over 1.5 million clients in the region. They have been successfully listed on the Frankfurt Stock Exchange. Their aim is to reach out to the global audience after Africa. There is huge potential for their services in areas such as Asia, Europe and even North America.

The company is proficient in their AI usage. Their advanced AI algorithm is used by them to make better products and offer suggestions to their clients. Their aim is to include as many people as possible in the mainstream financial structure of the modern world. They try to give out credits and also include those with little or no previous credit data. The data is so less for these people that it becomes a difficult process. MyBucks uses their Advanced AI to collate data from other sources such as the clients’ cellphones and so on to give them credit ratings and more.

Customers can talk with the company or company’s AI-based Virtual Assistant. This text-based assistant can reply in the text to the users’ queries (audio or text). This is a great help for the millions of users with no direct access to physical banks.

-Soumya De

Comment here