The South African Reserve Bank (SARB) launched a global competition this summer to find companies that can solve the unique challenges of the financial services industry in South Africa. Guess who is a finalist?!
Hydrogen was chosen as 1 of 12 finalists for the competition, which was run in conjunction with KPMG Matchi, along with corporate sponsors Absa, Capitec, Discovery, Financial Sector Conduct Authority, FirstRand Group, Investec, Liberty Group, National Treasury, Nedbank, Standard Bank, and the Technology Innovation Agency.
Hydrogen can be a transformative solution in South Africa, and the greater African continent. 66% of Sub-Saharan Africans are identified by the World Bank as being “unbanked.” The main culprit is a lack of infrastructure for developers and financial institutions to plug into for middle and working class populations. Hydrogen can be the answer to building solutions in banking, savings, financial wellness, and payments, at a fraction of the cost, and time, traditionally taken to get to market.
We look forward to the final competition in Johannesburg on October 29th!