Population
64.3M
Online population
45.3M
Currency
ZAR
Population - 64.3M
South Africa counts three capitals and eleven official languages.
Internet penetration - 74.7%
There were 45.3M internet users in South Africa at the start of 2024.
Six African FinTech companies have been featured on CNBC's prestigious list of the world's top 250 FinTech companies for 2024. The South African companies are:
MTN’s financial services, particularly its mobile money platform, have revolutionized how people in South Africa and other African markets manage their finances. MTN provides easy-to-use and secure payment solutions, playing a crucial role in enhancing financial inclusion and empowering individuals and businesses to engage in the digital economy.
Africa Fintech Investments, by country
Yoco’s payment solutions have empowered small businesses in South Africa by providing them with affordable and accessible point-of-sale systems. Yoco’s focus on supporting entrepreneurs and enabling digital payments has earned it a place on CNBC’s list, highlighting its role in fostering economic growth and supporting the small business ecosystem in Africa.
[As of January](https://www.statista.com/statistics/1348690/number-of-banks-south-africa-by-type/#:~:text=As of January 2024%2C the,representative offices in the country.) 2024, the number of domestic banks registered in South Africa amounted to 17, while there were 12 local branches of foreign banks. Furthermore, some 29 foreign banks had approved representative offices in the country.
While previous attempts at launching mobile money platforms in South Africa have failed, as many citizens have access to traditional bank accounts in a market that has a strong, entrenched financial system. However, Vodacom and MTN are targeting the unbanked again through super apps to disrupt the traditional financial systems. FinTech companies have focused on providing financial services to this market, addressing their specific needs and constraints. The country has a high banking penetration for an emerging market, at more than 80%. And extensive card penetration, more than 75% of adult consumers, as a result. These consumers are still underbanked and deal in cash, with only 30% stating they do more than three transactions per month. On this branch, many South African Fintechs have formed partnerships with traditional banks rather than trying to compete directly.