Fintech as a catalyst towards a sustainable savings culture in South Africa

Abstract

This study explores how financial technology (fintech) can help build and sustain a culture of saving in South Africa. Despite major strides in financial inclusion, consistent saving remains difficult for low- to middle-income and previously excluded groups. The researcher employed a qualitative, interpretivist, exploratory methodology, conducting twelve semi-structured interviews with fintech leaders, executives, and financial-sector professionals to understand barriers and enablers of savings behaviour. The findings show that structural and economic pressures including low and unstable incomes, high living costs, and deep inequality are the most significant obstacles. Behavioural and cultural dynamics, such as limited financial literacy, short-term consumption priorities, and reliance on informal savings systems like stokvels, further shape saving practices. Traditional banks are often viewed as inaccessible, while fintech platforms are seen as more inclusive, adaptive, and trustworthy. The study concludes that fintech can reduce structural barriers and expand access through digital interfaces and trusted partnerships. However, sustainable progress requires combining technology with financial education, behavioural design, and collaboration between formal and community-based institutions.