10x Banking will partner with Old Mutual to improve financial inclusion in Africa
10x Banking, a core banking platform, is expanding into South Africa, with further expansion across the continent planned, to supply its solution to financial services companies.
UK-based 10x will partner with companies, including Old Mutual, a financial services provider headquartered in South Africa, to develop new products that will increase financial inclusion for unbanked people.
The move follows its launch in Australia and New Zealand last year. And is on the back of its $45m funding round in January. 10x is also seeing interest in its platform among banks in India, Sri Lanka, Vietnam and the US.
Antony Jenkins, founder and chief executive officer at 10x, believes that in Africa the big driver is digital. “By 2025, over half a billion people on the continent will have access to mobile internet, providing a platform for them to make payments, source financial advice, secure loans to buy a home or start a business,” he said.
“This opens up a huge set of opportunities for the underbanked and unbanked, which in turn drives economic growth.”
Old Mutual is aiming to serve the underbanked to improve their day-to-day money management. It also taking steps to improve financial literacy across Africa.
Matt Mills, chief revenue officer at 10x, said: “These are the markets where we see a significant shift to a more customer-centric mindset among banks.
“Banks can see the issue for themselves and come to us because they have a creaky core, unfit for rolling out financial products which meet the increasing demand among their customers for a better, digital-first user experience.”