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Thanks Eric. Underlying infrastructure must be in place before consumer fintech takes off. That's why a lot of VC's in Africa are keen to back B2B tech companies as opposed to B2C.

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This is insightful. I've seen a few negative stories on fintechs that involved incidents like diners not being able to pay for dinner at a restaurant. But when I looked into those further it was because their partners' systems went down. The fintech itself still had everything running on its end but it still got blamed for the outage.

So fintechs may not be able to copy business models from the US, Britain, or China and use them everywhere in the world unless the other systems are in place and work reliably. And I agree, national governments are responsible for a few of the systems that need to be in place for fintech to succeed.

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