By Ryan Pearce, Head of Sales, Altron FinTech “It’s about innovation, which is at the core of Altron FinTech’s objectives, and how we can use innovative solutions along with collaboration to bring about true change for those who need it the most,” Pearce says.

The underserved communities in South Africa account for a significant share of the buying market, yet the means in which they transact are limited. As Pearce comments, and according to GG Alcock, an expert in informal businesses, these communities, often referred to as the Kasi businesses of South Africa, make up an estimated 750 billion rand through informal trade.

“Although almost every South African has access to a bank, these communities are predominantly cash-only. The reason for this is quite simple: there’s a general fear among many, especially in rural areas, regarding technology and modern payment systems,” Pearce says, adding, “and while we can appreciate this sentiment, we have already launched new sales teams from within the informal sector to engage with these underserved communities so that awareness about the secure, reliable and safe solutions we have developed can indeed begin to bring about a more trusting mindset, which must ultimately lead to better and safer transactions.”

Because you matter

Pearce explains that the key focus to bring about a future-ready society boils down to trust. “However, in order to gain this trust,” Pearce explains, “Altron FinTech has made it clear that its goal is to ensure customers everywhere, no matter the size of the businesses, are included. In a word, we want our customers to know that it’s because ‘you’ matter.”

Without serving these communities, as Pearce says, a future-ready South Africa with a business continuity in mind, operating in a secure and safe environment, cannot be possible. Including the underserved communities across the country is the goal upon which Pearce and his team at Altron FinTech have invested their time and energy.

“By introducing our philosophy of ‘because you matter’, it becomes easier to introduce innovative products and tools that will inevitably transform the lives of so many who need it,” Pearce explains.

Understanding the nature of the underserved communities

“We understand that in order to help include underserved communities within the South African market, there needs to be safe and seamless solutions that not only promise interoperability, but show it in a real-time operation,” Pearce says.

Transaction switching, for example, is a solution that connects platforms such as POS machines with the country’s central payment system, cards and banks, and allows for instant authentication and authorisation of transactions.

According to Pearce, these seamless, reliable, secure, safe and real-time solutions are what the underserved communities value most.

“Business owners and their customers want to be sure that their money is being transacted safely and securely. With robust, secure tools and products available, including the debit order system, DebiCheck, business owners can now not only feel safe, but explore the possibility of having a scalable business model that is future-ready,” Pearce adds.

What the underserved business community can expect

“To unlock the door to financial inclusion, we know it’s important to offer businesses and the customers who frequent such businesses the benefit of affordable credit and affordable banking services,” Pearce explains, emphasising that, “in order to provide a fully digital payment space, we need to provide access to the digitised economy for everyone, no matter their socio-economic status.”

Altron FinTech’s sales team is leading the way by offering packages to small, medium and larger businesses throughout communities that have been neglected or excluded from the formal economy.

“We’re not here just to make transactions simple, which we offer and are highly beneficial, but we’re here to help inspire business owners and the community at large to grow within a new, inclusive economy, which I believe will transform a once forgotten community into a thriving, safe and scalable society,” Pearce says.

How can the underserved communities enjoy the benefits of ‘inclusion’

By providing simple, safe and reliable solutions, underserved communities can begin to participate in the country’s economy in a meaningful way.

Altron FinTech offers a range of products, services and packages to help empower business owners to operate within their payment infrastructure in a simplified way, through digital payments and tokens as well as transaction processing in real-time, safely and securely.

As Pearce explains, these solutions are key to helping businesses become scalable and reach their potential through Altron FinTech’s unique and innovative approach.

“To grow, we offer our customers a way to optimise their business needs by being ‘always-on’ and compliant. It is through these measures that businesses can hope to transform their businesses, becoming future-ready and securing business continuity,” Pearce says.

The reasoning behind such products and solutions, according to Pearce, is the idea that businesses operating in underserved communities can only truly become included if they partner with an invested, interested party who is ready to help them grow and expand together.

Trusting in the future

“Feedback from customers within these areas has given me the hope and the confidence I need to continue doing what I’m doing,” Pearce says.

Pearce says he’s confident that the underserved communities within South Africa will soon transform into a fully digital and inclusive society.

“With these solutions, we can expect to see a digital society emerging very soon through our seamless transaction solutions and our ongoing support and innovation.” In conclusion, Pearce adds, “Our future-ready payment solutions are here and ready to propel the underserved communities to a new and exciting era of financial inclusion.”