Payment Cloud Technologies Announce Launch of PCT Africa
PCT is a notable FinTech company out of London, and it has some news regarding progress in Africa.
The announcement for the company to move its efforts to Africa will initially take place in Cape Town ahead of further expansion into the surrounding area. It represents a key moment in the growth of the company on the global scale. The move also serves to accelerate financial inclusion for Africa’s 330 million adults currently without the necessary means to formal financial services.
Regardless of Africa’s current status as the largest unserved market that has traditionally excluded from the international financial system, it is still considered an area potentially ripe for aggressive expansion.
In South Africa alone, MasterCard noted that only 6 percent of consumer purchases are non-cash, even though 67 percent of adults owning a payment product and 51 percent receive money electronically or through non-cash outlets.
Mastercard highlight that enhancing the usage of payments and banking products is an essential component in furthering the nation’s financial inclusion.
Working together closely with local organizations, PCT Africa’s widespread bank known as VISION will allow localized, fit-for-purpose financial products across online, mobile, or in-branch channels, in order to help facilitate South Africa’s cash digitization.
Ian Clowes, CEO, PCT, commented, ‘’PCT are delighted to be taking such a significant step in the business’s international expansion. Given the success of our bank.VISION banking platform in Europe, a move to the perfectly primed African market was the natural extension to our global footprint. We look forward to applying the success of our existing operations in Europe and North America to Africa.’’
James Redding, Managing Director, PCT Africa, added, ‘’Accelerating FinTech’s potential to improve the way people pay, bank and save is an increasingly pressing issue. Africa as a whole, and particularly South Africa, stands to benefit massively from this momentum, which is why we’re hugely excited about the launch of PCT Africa. PCT’s track record in delivering banking-grade financial services fit for the digital age will ensure the rapid delivery of cloud-based, cutting-edge financial services to help combat financial exclusion in Africa.’’