Browsing: Africa Fintech

With financial inclusion in mind, governments are taking notice and offering more supportive regulatory frameworks, ever further assuring that the African fintech industry growth rivals that of more mature markets, the likes of Vietnam, Indonesia, and India.

Despite the high potential seen in East Africa, with countries like Kenya standing out, South Africa still commands approximately 40 per cent of the industry revenues.

On the western part of the continent, too, in places like Ghana, growth is at 15 per cent per annum and will only get higher all through 2025. Then you have the larger economies coming in; Nigeria and Egypt are both expected to enjoy annual growth rates of 12 per cent over the same period.

While growth rates at this early stages are higher in less developed East African countries, economies with more mature financial systems and digital infrastructure, the likes of South Africa stand a greater chance of executing more innovation in the fintech industry and implementing security measures such as regulatory technology including anti-money laundering.

With over 548 million registered mobile money users in sub-Saharan Africa, increased internet access and readily available mobile money solutions, the FX market has become accessible to the majority of Africans. 

The availability of mobile money payment solutions has seen an increase in the creation of fintech startups created solely to cater to Africans interested in trying their hand at trading in both local and international FX markets. 

Firms including Exness, XM.com, Avatrade, CM Trading, Tickmill and Chipper Cash among others all reported a significant growth in trading in 2020. A testament to the growing trading culture driven by fintech across the continent.