Seasoned fintech expert with extensive experience in driving financial inclusion and digital transformation across Africa, Nelly Nneli, has harped on the potential of fintech to revolutionise the informal retail sector.
[ad]
Disclosing this in a media statement recently, she underscored the significance of informal retailing in Africa’s economy, noting that 85.5 per cent of Africans are engaged in the informal sector, which produces about 55 per cent of the continent’s overall GDP.

According to her, the informal retail sector has been plagued by limited access to modern financial services, cash-reliant transactions and difficulty in monitoring, tracking or taxing operations.

However, with the advent of fintech, she believes that these challenges can be overcome.

“Fintech has the potential to democratise access to financial services, enabling informal retailers to access credit, make digital payments and manage their finances more efficiently,” she said.

She cited the example of mobile banking, which has already made significant inroads in Africa. “Mobile banking has reduced cash transactions, enhanced financial security and increased the efficiency of business operations for informal retailers,” she noted.

Nneli also highlighted the importance of microfinancing platforms, inventory management tools, digital marketplaces and financial literacy tools in supporting the growth of informal retailers.

“Fintech solutions can improve the productivity, increase revenue and contribute more significantly to Africa’s economic growth,” Nneli emphasised.

Despite the potential of fintech to transform the informal retail sector, she acknowledged that there are still challenges to be addressed. These include limited digital infrastructure, trust and literacy issues and regulatory barriers.

“However, with the right policies, infrastructure, and partnerships in place, I am confident that fintech can unlock the full potential of Africa’s informal retail sector,” she stated.

As a seasoned fintech expert, Nneli has advised various organisations and governments on digital transformation and financial inclusion strategies.

Her expertise has been instrumental in shaping the fintech sector in Africa and her insights are highly sought after by industry stakeholders and policymakers.
[ad]