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Role of FinTech in Enhancing Social Welfare Programs
- Financial technology (Fintech) has played a significant role in streamlining the distribution of social grants in South Africa, ensuring efficient and secure payments
- Fintech solutions not only improve payment efficiency but also reduce administrative burdens
- With over 17 million people relying on the Social Relief of Distress (SRD) grant, efficient distribution is essential for these vulnerable populations
- Mobile banking apps, digital wallets, and secure payment gateways have introduced automated systems, secure platforms and mobile access, improving grant distribution in South Africa
- Fintech platforms have automated the grant approval and payment process, reducing delays and errors caused by manual intervention effectively
- Fintech solutions allowed beneficiaries in remote and rural areas to access their payments without needing to visit physical branches, saving time and reducing travel costs
- AI-powered fraud detection tools can identify suspicious activities, while blockchainensures transparency in financial transactions
- Education and awareness campaigns are needed to teach beneficiaries how to use digital tools effectively and promote confidence in fintech tools
- Govt. must create policies that encourage fintech innovation and collaboration, while fintech companies must ensure platforms are user-friendly, even in areas with limited infrastructure
- Fintech can ensure that every eligible citizen receives their grant efficiently and securely by making the process more accessible and transparent
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