Innovation in technology is growing faster literally by the day, and if you are heading a fintech, you have to be able to make hard decisions fast if you want to survive. This is the secret to fintech Wonga South Africas success over the past thirteen years.
Brett van Aswegen, CEO of Wonga South Africa, says that on the day he started work at Wonga in 2015, he realised how true this is when he found inspectors from the National Credit Regulator at his office.
It was a time when Wonga South Africa was under intense regulatory pressure. New legislation was introduced in 2015 that required significant operational adjustments, including stricter affordability assessments. Within a month, Wongas revenue dropped by two-thirds.
