SA regulatory red tape holds back fintech opportunities – Stitch

Tawanda Karombo

KIAAN Pillay, the CEO of payments company Stitch, says South Africa’s robust financial sector is providing fintech companies with opportunities to bring in new payments platforms, but regulatory issues are holding operators from speedily scaling up and introducing new formats that bring added convenience. Stitch has just announced a new $25 million (about R483 billion) funding raise to roll-out new payment platforms for MultiChoice, MTN, Foschini and users under Standard Bank’s SnapScan. The South African fintech start-up is also pursuing omni channel payments and earmarked expansion as its clients grow across the rest of Africa segment. At a time when other fintech ventures in markets such as Ghana, Kenya and Nigeria were folding up, Pillay said, the robustness and highly sophisticated nature of South Africa’s financial services…

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Cape Times (Digital) - 1 Issue, 2023-10-10

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