RMI launches Groundbreaking African Fintech Hub

The concept is modelled on the leading fintech development hub, Level 39 in London’s Canary Wharf, which has become a successful catalyst for emerging fintech players. Thanks to the weight of major industry players, AlphaCode has already signed up over 50 diverse, rapidly-growing financial services entrepreneurs.

AlphaCode is powered by Rand Merchant Insurance Holdings (RMI) and Rand Merchant Bank Holdings (RMBH), which are strategic active managers of a R759 billion financial services portfolio, which includes FirstRand, Discovery, OUTsurance, MMI Holdings, Merchant Capital and RMB Structured Insurance. RMIH and RMBH are active, value-adding partners and enablers of innovation and leadership in financial services.

Commenting on the creation of AlphaCode, RMI Senior Investment Executive, Dominique Collett said: “RMIH’s investment in this development gives a clear indication of the future direction of financial services. The fintech business models of the future are agile, disruptive ventures, often started by emerging entrepreneurs. With this in mind, AlphaCode provides a vehicle to identify strategic key investments in the financial services industry and be a catalyst for the development of fintech in Africa.”

Head of Ecosystem Development and Management at AlphaCode, Chipo Mushwana says, “African fintech businesses have provided some of the most exciting developments in global financial services in recent history, and we will help to grow promising, impactful businesses.”

There is no charge to belong to AlphaCode. It is fully funded by Rand Merchant Insurance Holdings (RMI). There are four membership tiers which range from green entry level membership up to diamond. Green membership is open to everyone and approval is immediate. Gold, platinum and diamond memberships are subject to AlphaCode team approval.