It is currently one of the best times to be a software developer based in South Africa, as companies and individuals looking to develop FinTech apps and tools think of the country first and fast.
South Africa comes up as one of the top countries when looking for skilled software developers because of the simple reason; the country has one of the most advanced and sophisticated mobile tech environments in the world.
Thanks to South Africa’s highly progressive banking system, a large pool of technicians with advanced technical skills, mobile know-how among the general public, and a competitive pricing environment, the country is highly viewed among the FinTech software development community.
The local financial institutions in South Africa are leading the way in showing how mobile apps can be functional, transactional, and secured.
Martin Dippenaar, the CEO of Global Kinetic, a software development firm based in Cape Town said, “South Africa has a developed banking system, and our mobile technology is equally modern. Put that together with innovative software developers, and you have a combination that’s ready to take on the world.
We spend a lot of time abroad, building products, which gives us a good perspective on the state of banking in other regions too.”
By comparison to developed countries like the United States, South Africa has a small banking community made up of just 13 banks. Although they are all leading or second-tier banks, they are still far when compared to around 12,000 banks and credit unions that operate in the U.S.; each of which having a separate license and operating autonomously.
“We can effect change here in South Africa a lot faster than is possible in such a disparate environment. The US banking system as a whole is also not particularly advanced. For example, around a quarter of all payments in that country happen by check. There are few organizations in South Africa still using such a dated process,” adds Dippenaar.
While in the US, banking is market driven, in Europe innovation is heavily controlled by regulations. Dippenaar went further to say:
“More innovative mobile banking products are likely to come out of Europe in time, as progressive legislation starts to make deployment of mobile banking technology a lot easier there.”