For anyone to use a digital bank, they must have a smartphone. Right now, data puts the number of smartphone users at 10-20% of the entire population.
Digital banks talk a big game about solving problems with traditional banks. Why aren’t more people using them?
The new features from PiggyVest and CowryWise are designed to help users make transfers to their funds easily; but speculation has been rife about both startups becoming “digital banks”. In reality, neither company has any plans to become a bank at the moment.