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Browsing: african fintech growth
- The Africa fintech accelerator program will be a three-month intensive learning program focusing on business growth and mentoring.
- The AfDB created the Africa Digital Financial Inclusion Facility as a blended finance facility to accelerate digital financial inclusion in Africa.
- The VEI competition in 2022 hosted more than 1000 African fintech startups.
The steady growth of Africa’s fintech companies has caught the attention of various international investors keen on its lucrative potential. New Visa announced the launch of the Africa Fintech Accelerator Program to assist startups in gaining some foothold in the competitive markets. With investors flooding Africa, its fintech industry might become its most profitable economic activity.
Increase Of Digital Innovation
Africa’s digital transformation has taken a turn for the better in terms of innovations and economic growth. Nigeria, Kenya, Egypt and South Africa are prime examples of how shifting to a more digital platform can open vast financial doors. …
- The fintech industry is Africa’s financial inclusion solution for all vulnerable groups including women.
- Sub-Sahara Africa, fintech startups recorded 894% year-on-year growth in funding in 2021
- More than 400 million new mobile subscribers expected to sign up globally by 2025
A report published by McKinsey claims that the number of tech start-ups in Africa tripled to around 5,200 companies between 2020 and 2021 and just under half of these are fintech startups.
In the report titled ‘Fintech in Africa:The end of the beginning’ McKinsey shows that in line with global market leaders, the African fintech industry enjoyed revenues of between US$4 billion and US$6 billion in 2020 and average penetration levels of between 3 and 5 percent.
The fintech industry is Africa’s financial inclusion solution for all vulnerable groups including women, the elderly, and the larger section of the population in remote rural settings.
“What you have here is not …