The FinTech Revolution and its Influence on the PR Landscape

By Erick Kivuva

I recall attending a fintech expo in Nairobi a few days ago, where the energy was palpable as delegates explored the latest innovations. At the exhibition booths, I observed countless people purchasing smartphones using mobile money, a testament to the rapid adoption of fintech solutions. The ease with which transactions were completed, merely with a tap on their phones, was striking. As I engaged with various fintech professionals and entrepreneurs, it became clear that this technology is not just a trend but a fundamental shift in how financial transactions are conducted. Later, I witnessed a small business owner using a digital ledger to manage sales, highlighting the practical applications of fintech in everyday business. This experience underscored the profound impact of fintech in transforming the traditional banking landscape and unlocking opportunities across the continent.

As PR professionals, this realisation hits home. According to the World Bank, an estimated 1.4 billion people globally are unbanked or have limited access to financial services. Yet, fintech solutions are making significant strides, particularly accelerated by the COVID-19 pandemic, which has driven digital financial inclusion. It is evident that PR professionals are not merely observers but crucial participants in this revolution. We have a collective responsibility to shape and communicate the narratives around fintech, directly influencing its adoption and success.

Where we are

Despite major achievements being made in the fintech industry, a substantial portion of the population remains unbanked or underserved. This is where the essential role of PR professionals comes into play. Capitalising on their expertise in strategic communications, these fintech practitioners are not just observers but active participants in the fintech revolution. They can effectively communicate their services to those in need and make a real difference in the lives of the unbanked. 

Today’s audiences, especially the tech-savvy ones, are not just looking for information. They demand authenticity, transparency, and a deep understanding of their needs and preferences. The days of generic messaging and traditional media channels are over. As PR professionals, we are at the forefront of this transformative wave, positioning our clients as industry leaders. To do so, we must adapt our communication strategies to better engage and connect with these audiences, showcasing our ability to evolve with the industry.

The Way Forward

The rise of social media has revolutionised the financial PR landscape, presenting a myriad of opportunities. Platforms like X, Facebook, LinkedIn, and Instagram offer direct access to a wide audience, empowering PR professionals to distribute brand messaging, foster engagement, and build relationships with influencers and thought leaders. However, the real-time nature of these channels also heightens the risk of reputational crises. This underscores the need for strategic and thoughtful use of these platforms, where PR professionals can demonstrate their skills and creativity in crisis management strategies.

As the fintech revolution continues to reshape traditional finance, PR professionals must also embrace these technological advances as a catalyst for innovation in their communication strategies. Using the power of digital tools and platforms requires continued education and collaboration in the fintech space to better meet the challenges of today’s media landscape and create narratives that resonate with audiences. Organisations like Kasi Afrique promote a supportive ecosystem for fintech entrepreneurs in Africa.  These organisations play a key role in empowering the next generation of FinTech leaders through consulting services, access to networks, and industry insights.