Successful African entrepreneur and founder of Econet Wireless, Strive Masiyiwa is suggesting that traditional method of saving can be one of the continent’s biggest and successful enterprises given the right technology and structures.
The London-based Zimbabwean philanthropist as part of his “Turn your business into a technology company” series on Facebook said that traditional savings is one of the continent’s biggest holder of savings with a value of several billions of dollars.
“It’s easily the largest savings bank on the African continent, holding billions of dollars with operations in every single country in Africa (each one with its own brand name), and a branch network that goes right down to the village level! Well, it’s more than a single bank, it is more of a system,” he said.
According to him, the business of traditional savings could “easily be the largest savings bank in Africa” with the application of modern technology to make it more efficient.
He said entrepreneurs can create a multi-billion dollar industry around the existing system using the mobile phone and the internet are the key tools.
Mr. Masiyiwa also revealed that the culture of savings got him his first capital to start business.