Transforming fintech with bold innovations: Q&A with Nedbank’s Chipo Mushwana

What are some of the exciting functional innovations you have been responsible for?

• ShiftPos – a shift management solution now widely used in the hospitality, fuel and fast-food industry
• Tap on Phone – a first in Africa allowing users to convert their handsets into PoS machines
• Money Message – supporting businesses to receive payments through WhatsApp. A first in SA 
• Apple, Samsung, Google & Fit Bit pay – Enabling this as a first cohort in South Africa
• Nedbank Bill Payments – supporting the enterprise growth objectives 
• PayShap – supporting industry wide cash reduction solutions to support payments growth that are affordable, scalable and sustainable

Please tell us about Women in Payments Africa

• Women in Payments Africa (WIPA) is dedicated to empowering and advancing women in the payments industry. Our goal is to redefine the role of female leaders in this field. Our organisation provides a supportive environment for members who are leaders and innovators striving to bring about positive change in the industry. Together, we aim to promote gender equality and propel women's careers in payments to new levels of success
• In South Africa alone 52% of the population is female of which 46% are employed and of that 48% are in elementary jobs. For every rand a man earns, women earn 78 cents – this inequality is a global phenomenon. This is significantly lower in payments and WIPA was set up to amplify this injustice because no society can grow when only half of its people grow

As a bold innovator, you are focusing on predictive AI, not “the new shiny thing”, generative AI – what are the key benefits for your clients?

• Improved decision-making: Through predictive AI we can analyse vast amounts of data quickly and accurately to provide insights that can help us make better decisions to serve our customers. This can include predicting market trends, identifying potential risks, and optimising investment strategies
• Fraud detection: Predictive AI can help us detect and prevent fraudulent activities by analysing patterns and anomalies in transactions. This empowers us to reduce financial losses and protect customers from fraud
• Predictive AI helps us provide personalised services and recommendations to our customers

With more than a decade of experience in fintech, what would you say have been the greatest disruptors in this space over the last 10 years?

The most intriguing observation is that all industries are fiercely competing with financial services and because of that everybody is a competitor. However, in South Africa the earliest competition has been in payments, and it continues to be contested. We have seen the entrance of new fully digital banks. We are seeing some activity in credit and lending, but this is chequered by the impairments and other market driven factors. 

At the 2024 SENTECH Africa Tech week you spoke about how Nedbank is shaping and supporting economic growth and financial inclusion in Africa. Please share the key takeaway points

• Fintech in Africa is revolutionising access to financial services, particularly for underserved populations, by democratising access to banking services
• The impact of fintech in providing financial inclusion to marginalised communities in Africa cannot be overstated
• Fintech is bridging the gap in rural areas where traditional banking services are lacking, offering credit, savings, and insurance products that promote economic stability
• At Nedbank, we are committed to simplifying banking through our digital products like the Money App, Nedbank Online Banking, and the Avo SuperApp, making banking seamless and integrated into our customers' lives
• By leveraging digital tools to automate tasks, provide personalised insights, and offer 24/7 access to services, we are giving our customers the gift of time to focus on what truly matters to them
• To fully realise the potential of fintech in Africa, collaboration between fintech providers, traditional banks, governments, and other stakeholders is essential for meaningful financial inclusion on the continent

What are some of the ongoing passion projects you are involved in?

• Supporting female interest platforms that empower young girls and women across various industries
• I also mentor and support upcoming fintech founders across the continent

Please share a message of inspiration with our readers

As global citizens living in a digital era, we must remember that technology has the power to transform lives and create lasting change. Let's harness our innovation and creativity to make a positive impact on the world. Let’s hold ourselves and each other accountable to creating and driving this change for us as humans, for the environment we live in and a better future for all. 

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