Africa's first FinTech development platform launches
Koncart, a platform that empowers developers and techpreneurs to build their financially driven tech idea with ease, has recently been launched into the African FinTech sector. The platform enables startups to quickly create and manage virtual wallets and transactions with an in depth analysis to your data by leveraging on Koncart’s analytics dashboard.
The main focus of the platform is to aid startups in the development of FinTech solutions which will aid in penetrating the unbanked sector of the African continent.
The stats paint a picture of the current landscape of the African banking sector. According to data provided by the World Bank, 2 billion people worldwide don't have access to formal financial services, 73% of whom come from African countries and part of Asia. Approximately 80% of the population (1.2 billion) lack access to formal financial services while 200 million formal and informal small and medium enterprises in developing economies are either unserved or underserved in regards to their financing needs.
In Africa, mobile penetration stands at 60% while smartphone penetration is expected to reach 57% by 2020. This is largely attributed to the increase in availability and affordability of mobile devices. More people have access to mobile devices compared to formal financial services. To entrepreneurs and FinTech startups, this provides an immense opportunity to increase financial inclusion and provide financial services to the majority of the unbanked population in developing countries.
Gesora Mwasi, CMO and co-Founder of Koncart, said: ''Africa still has the largest unserved market in regards to access to basic financial services despite the increased interest within the FinTech space. Currently, there are over 300 active FinTech startups in Africa with South Africa, Nigeria and Kenya leading the pack. This provides a solid foundation for financial institutions and technopreneurs to grow and development their fintech innovation. Koncart empowers financial institutions and techpreneurs to capitalise on this opportunity by providing them with tools that enables them to develop their innovation cost effectively and with ease.''
Koncart was born to address the issues facing the unbanked sector in Africa. It is a platform with tools that enables FinTech startups to focus on their core business and positively impact the society and economy by cutting the development cost and time by half. The platform seeks to empower developers, businesses and organisations to create their FinTech solutions with ease without worrying about the recurrent FinTech processes.
The platform has powerful tools such as transactions ledgers API, virtual wallet API and business intelligence analytics dashboard that enable business owners to create and manage virtual wallets and manage transactions. The analytics dashboard offers you an in depth analysis to your transactions.
''Koncart is a platform that reduces the time to market, reduces development risks, increase efficiency and data security for financial driven solutions. The platform is easy to use and is designed to integrate with with any FinTech concept with ease without compromising on the security of the system. With this platform, you have the ability to build a financial planner, an ecommerce platform, microlending solutions, membership and budgeting apps, in-app transactions tracking. The possibilities of the ideas that Koncart can enable are endless," said Tony Mutai, CEO and co-Founder of Koncart.
With the set of tools disposable, FinTech startups can now save time and money by quickly prototyping and bootstrapping their ideas.