The inclusion of financial technology has changed the way of delivering financial services. Finance digitalization started to take place in the 19th and 20th centuries where there was a transformation of analog to digital finance i.e. innovation of electronic payments such as ATMs, online payments such as PayPal, and communication platforms such as SWIFTs between Banks. Now 21st century has become the era of appetite for innovation among investors and consumers driving a wave of new products and services For example lack of trust in banks associated with excessive regulatory environment opens up new markets to new providers. This has led to the innovation of cryptocurrencies such as bitcoin in 2009. Also in this same century through smartphone adoption, mobile devices became the primary means by which people can access the web and financial services. All these transformations lead to a shift in how people perceived financial institutions.
In Tanzania today financial inclusion is being perpetuated since the adoption of digital technology. Many people who were formerly excluded and underserved populations are moving from exclusively cash-based transactions to formal financial services just by using their mobile phones or other digital technology to access these financial services for example payments, access to credits, transfers, and savings.
Now Singo Africa Limited has brought you a good product portfolio and services that could enable you to comply with digital inclusion and finally facilitate the growth of financial inclusion across the country. For example, the Amala App Suite is a combination of Amala Core Banking and Amala mobile app, Amala as a service, Accounting as a service, and Kopasmart(coming soon). In particular, this has intended to nourish the future of financial institutions especially the microfinance sector as they are required to cope with digital transformation.
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