To facilitate financial and commercial transactions for local populations, African tech entrepreneurs are multiplying financial technology solutions, some more interesting than others.

Abela is a mobile application developed by a South African startup and launched in 2020. It enables access to online banking services via its mobile app.

"We live in an economy that is going cashless, and people are losing out because of it. The global pandemic has only accelerated this movement. [...] Today, 10.4 million South Africans have seen their monthly income decrease by up to 75 percent due to this digital transformation. Abela seeks to address this concern and provide customers, especially those who have been underserved within the informal sector and diaspora, with the financial autonomy and security they deserve. Traditional banking solutions have often overlooked this part of the population and we aim to bridge that gap," said Thomas David, founder and CEO of Abela, on the reasons that prompted the creation of the solution.

The mobile application is available for iOS and Android devices. Once downloaded, it allows users to create accounts by inputting their phone numbers, names, and passwords as well as uploading proof of identity.  Once they upload their proof of identity, users are required to create a PIN code and take a selfie to validate the account.  The tedious process was put in place because the startup wanted to avoid security risks. 

Users who pass the validation stage can carry out various transactions like airtime purchases and bill payments. They can also top up their Abela accounts using credit cards, bank transfers, and QR code payments. In addition to these services, the solution also lets them send money outside South Africa in just a few clicks.

Since its launch, the Android version of the mobile application has been downloaded more than 10,000 times. Though only present in South Africa for the time being, the startup wants to expand outside.  "In terms of expansion, we see a lot of opportunity for growth across the continent, specifically in Sub-Saharan Africa, in particular, our neighboring countries of Malawi, Botswana, and Namibia," Thomas David said in 2021.

Adoni Conrad Quenum