Emerging FinTech Models in Mobile Payments for Digital Finance in Rural Areas

This paper investigates the disparities in financial inclusivity between rural and urban South Africa. South Africa has a unique history of segregation, which plagued the country into a dual economy. As a result, access to the formal economy and financial services are not equally available across the nation. Financial Technology (FinTech) being an emerging form of providing financial services seems to be promising to improve access and the lack thereof. The paper examines specifically FinTech mobile payment models, and how these FinTech mobile payment models can be used for digital finance in rural South Africa. This paper adopted the Organisational Creativity theoretical approach, to conduct a literature survey of prominent literature in FinTech mobile payments. Findings from the paper indicate that the use of FinTech promises to improve financial inclusivity in rural South Africa. Based on the findings, the paper proposes a model for FinTech mobile payments in rural South Africa.