If there is an industry that has leapfrogged the various stages that traditional entities have often passed through to win the hearts and minds of consumers, it has to be fintech.
According to an article published by Telus International, “the financial technology market is on the rise” and citing a Market Data Forecast report, “fintechs are expected to reach a market value of roughly $324 billion by 2026” globally.
African countries have been in the forefront of pushing the fintech agenda. Zambia is no exception as evidence by the rounds of fund raising from venture capital and private equity that have poured into the sector. This is indicative of the level of trust private capital has in the evolution of fintech.
For fintechs that operate in the business-to-business (B2B) domain in Zambia, trust is of extreme importance. This is because the essence of business existence depends of the trust that exist between all parties in the business equation (customer, product, supplier, etc). Therefore, a possible measure of the level of trust can be the density of a business’ collaborating partners.
Probase, on of Zambia’s leading fintechs, is an example of business whose existence by and large depends on and leverages off the density of its business ecosystem. The present, the company has over 50 collaborating business partners both domestically and internationally. This is evidence of the existence of trust in fintech.
But how did they build trust one may ask? According to the company’s business profile, Probase has a “strong track record of working with Government entities to providing business solutions to the key sectors of the economy including Banking, Public Sector, Telecoms, Education, among others”.
By being imbedded in the enablement of fiscal’s financial transactions, Probase has had to build internal capabilities that ensure compliance to the regulatory requirements for the various services they have rendered for over a decade. In turn, this has enabled collaborating partners to have confidence in entrusting critical value creation systems that ultimately impact their bottom lines. Probase has become the essence of their business’ existence.
Trust is now viral for the company. They have b2b business engagements in South Africa, Lesotho, Malawi, Eswatini, Uganda and Democratic Republic of Congo. All this has been made possible through the company’s consistency in innovation and the trust that private and public sectors have in Probase.