Fintech contributes to the NDP forecastSep 29, 2016 Blog FinTech , SME
The NDP forecast is often quoted stating that the government targets 11 million jobs by 2030 through SME development. Now, 2030 is 14 years away and we have started seeing some traction regarding job creation in the Fintech space in South Africa.
Fintech is a booming industry disrupting traditional finance systems. It is an economic industry composed of companies which utilise technology to make financial services more efficient. The industry is exploding internationally and is starting to get attention in Africa, South Africa more specifically. An increasing number of striving entrepreneurs are cognisant of this and are jumping on the Fintech bandwagon.
This is good news as it speaks directly to the NDP forecast. According to Adzuna, the number of Fintech start-up jobs in South Africa has increased by 1400% (from 5 in January to 100 in September) since the start of 2016. This demonstrates how the industry is booming, an increasing job opportunity indicates a growing sector.
Not only is Fintech booming, but technology in the broader sense, which allows those who aren’t in the finance space to take advantage of the opportunities available to them. Tech is a huge disruptor and many are able to utilise their skills and knowledge to collaborate with willing companies to innovate and join the world of digitisation. This too will contribute to job creation and the development of SME’s in South Africa.
RainFin contributes to the NDP forecast by facilitating SME loans up to R 750 000.