Browsing: African fintech giants

The African fintech industry is booming, from the number of fintechs to the size of funding, African fintech is the newest investment magnet. Photo/Ventureburn

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 …

  • The Mastercard, OPay partnership will make it possible for OPay customers and merchants in the region to interact with brands and businesses worldwide
  • The partnership will benefit users in Kenya, Egypt, Algeria, Nigeria, Morocco, Ethiopia, Pakistan, South Africa and the United Arab Emirates
  • Opay customers will be able to make use of the Mastercard virtual payment solution that is linked to their OPay wallets

The announcement of a strategic partnership between Mastercard and the African fintech giant OPay, which took place on May 19 of this year, represents a significant boost for broader financial inclusion.

This partnership makes digital commerce accessible to millions of people across the Middle East and Africa.

The collaboration will make it possible for OPay customers and merchants in the region, which includes Kenya, Egypt, Algeria, Nigeria, Morocco, Ethiopia, Pakistan, South Africa, and the United Arab Emirates, to interact with brands and businesses located anywhere in …

According to the World Bank, the annual SME credit gap in Sub Saharan Africa is about US$330 million. MSMEs are often neglected by lenders due to a combination of factors.

These include the high cost of customer acquisition and due diligence, insufficient data availability for accurate credit assessments, lack of collaterals, uncertain customer lifetime values, and the high costs of distribution and servicing. There is a large opportunity for lenders who are able to overcome these challenges.…