Fintech Innovations Should Take The Elderly Into Consideration

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By Ntokozo Nkambule

The Centre for Financial Inclusion Chief Executive Officer (CEO) Nomcebo Hadebe says technological inventions should take the elderly into account.

The CEO was speaking during the official launch of the Financial Services Regulatory Authority (FSRA) Fintech Arch, held at the Royal villas, Ezulwini. The Fintech Arch is a controlled environment that offers regulatory relief for participants to test innovative products and services within predefined parameters.

The FSRA has called Fintech innovators in the country and beyond to come up with innovative technology that supports the automation and the utilization of new technologies by the sector to promote innovation and financial inclusion. The FSRA is calling innovators in disciplines such as insuretech, digital lending, digital credit underwriting, robo-advisers, crypto, and capital raising, comparative platforms, among others.

Hadebe noted that in most cases the elderly have been left out when it comes to financial inclusion. “I implore those that will be designing the fintech applications to consider the elderly. A 60-year-old who has just retired is still active in the economy and contributes as well, yet some of these innovations we have noted do not take them into consideration and they end up financially excluded”.

The CEO further observed that the Fintech applications to be designed should ensure that they are relevant for emaSwati. “I cannot over-emphasize that the applications designed should be for emaSwati. Our challenges and problems are unique, as a result, technology solutions should also take that into account.

She concluded by applauding the FSRA for taking the step in allowing the non-banking financial institutions sector to embrace the use of technology. She said by allowing innovation in the sector, the country would benefit immensely as the sector contributes a lot to the growth of the local economy.

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