The Banking Revolution: How Neobanks are Closing the Financial Gap

For decades, traditional banking was a barrier for millions of Africans. Today, the smartphone is the bank. Neobanks—digital-only financial institutions—are providing credit, savings, and insurance to the previously unbanked at a fraction of the cost. This revolution is fueling a massive surge in consumer spending and small-scale investment. We analyze the security of these platforms and why the “mobile-first” approach is the only way to scale a business in Africa today.