The real value of a financially inclusive digital ecosystem
In a game of bingo where everyone has to drink a shot when the words ‘digital ecosystem’ are mentioned, we’d probably see half the fintech boards in South Africa inebriated. Yes, it’s the buzzword du jour in financial services.
While many businesses understandably aspire to build ‘digital ecosystems’ to deliver new services and products to grow their customer base and ultimately boost profits and shareholder value, I believe we really should be working towards something far more impactful, we need financially inclusive ecosystems that deliver tangible impact.
At face value, the idea of a digital ecosystem might evoke images of interconnected technology or applications talking to each other in a seamless loop, but for those of us building these systems, there’s a profound purpose: a well-designed digital ecosystem in the financial services sector goes far beyond functionality and connection - it’s about delivering high-quality products that give people access to finance, particularly for those who’ve historically been excluded from accessing financial tools.
In South Africa, where structural inequalities hinder economic access, financial inclusion remains a pressing priority. If we only measure ‘financial inclusion’ on the basis of individuals owning a bank account, then South Africa seems in good shape: the 2024 FinScope Report indicates that 98% of the population is formally served.
But there are other takeouts from the survey that are more revealing: while most South Africans receive their income or money digitally, 94% spend it in cash and are not benefitting from the numerous advantages of transacting digitally: convenience, safety, and control.
In the simplest terms, a fintech digital ecosystem is a network of products, services, and partners operating within a digital environment to offer customers seamless access to financial services. But in a practical sense, it’s much more than that.
A digital ecosystem should enable interconnected services that share data, operate cohesively, and provide continuous, personalised, end-to-end support to each customer.
With data-driven insights, these ecosystems can offer precisely the right services—from credit products to digital wallets—to meet the unique needs of different South Africans.
Access to basic banking only serves customers when it comes to saving or purchasing, but an inclusive approach that digitally provides basic services along with opportunities to access credit lines, loans and necessary insurance cover is the only way that we can truly bring the underserved into the fold.
Creating a digital ecosystem involves several core components. First, there are data and analytics. At Weaver Fintech, for example, the data from customers who use PayJustNow and FinChoice services offers deep insights into spending habits, credit needs, and payment capabilities.
These insights enable us to tailor products that meet specific needs and avoid creating unsustainable debt. This data, used responsibly, provides a foundation for services that empower to create genuine financial impact.
Another component is digital wallets and cashless payment solutions. Cashless solutions not only bring convenience but also safety and cost-effectiveness, especially for women, who in South Africa are often targeted for cash theft.
Digital wallets offer safe, accessible alternatives to cash that work on any mobile device.
Finally, there’s the user experience. A digital ecosystem is only effective if it feels intuitive and accessible to the user, particularly those unfamiliar with digital services.
Weaver Fintech’s brands—FinChoice and PayJustNow—are both built on a philosophy of integrated services. For instance, PayJustNow’s buy-now-pay-later option supports financially cautious consumers in accessing credit without additional fees, interest or hidden charges.
Meanwhile, FinChoice offers a full range of services from personal loans to insurance, to a digital wallet (MobiMoney), that provides convenient access to all essential services for financial empowerment.
Through partnerships with major retailers and service providers, our ecosystem ensures that customers have access to diverse financial offerings where they gain control, choice, and flexibility—important for South Africans, where 75% have reported being stressed about finances.
The value of a fintech ecosystem lies not only in the sum, but in the synergy of its parts.
By integrating elements like credit options, digital wallets, payment solutions, and access to merchants, customers have access to more than just banking; they have access to real financial growth and stability.
For those previously excluded, an integrated ecosystem offers an entry point into the financial world, providing choices that empower rather than trap consumers.
The benefits extend to society as well. Financially included individuals and communities tend to experience better economic and social outcomes. By connecting people with affordable credit and safe payment options, the ecosystem allows families to invest in their own futures, from home improvements to education, and in doing so, it fuels the larger economy.
However, true financial inclusion requires vigour and caution. We have to guard against practices that encourage unsustainable debt, especially among those who are newly included in formal financial services. The goal of a responsible digital ecosystem is not to entangle customers in debt but to provide sustainable solutions that allow South Africans to take control of their financial future.
A digital ecosystem, when properly designed, is more than a technological innovation; it’s a social imperative.