Browsing: african fintech growth

Visa-African-Fintech
  • 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.

A Mastercard financial survey estimates that more than half of adults in Africa have no access to formal banking services, that is more than a million people market for the fintech industry. Photo/Bloomburg
  • 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 …

Nigerian mobility fintech Moove raises US$30 million
  • Moove has raised US$30 million to increase its fleet of electric vehicles in the MENA region. The money came from a debut Sukuk offering
  • Moove will use the funding to add up to 2,000 EVs in United Arab Emirates over the next year
  • Moove predicts that this fleet of EVs will reduce carbon dioxide emissions by nearly 5,000 metric tonnes annually

Moove, a mobility fintech company in Nigeria, has raised US$30 million to increase its fleet of electric vehicles in the MENA region. The money came from a debut sukuk offering that Franklin Templeton Investments (ME) Ltd coordinated.

The successful closing of the company’s first sukuk will give Moove access to the vast pool of Islamic investors who are especially keen on making socially and environmentally responsible investments. It will also undoubtedly open up new financing options for Moove’s ambitious expansion plans.

As a sukuk al- istisna, a Shari’ah-compliant contract …

b2b africa
  • African fintech is the fastest-growing start-up industry in Africa
  • Africa’s fintech sector is well placed to quickly improve Africa’s global competitiveness through an increase in exporting fintech services abroad
  • The rise of financial inclusion in Africa is stifled by regulatory uncertainty and regional differences
  • Also the top 5 fintech trends and forecasts to watch in 2023

The success of fintech companies is fuelled by several trends, including growing smartphone ownership, expanded network coverage, declining internet costs,  and a young, rapidly urbanising, and fast-growing population.

African fintech is the fastest-growing start-up industry in Africa, raising over US$1,3 billion in 2021 alone.

According to McKinsey research, fintech sales in Africa are predicted to expand by 10% each year through 2025, with transactions and wallets becoming the fastest-growing products.

Despite the fact that fewer than 15% of monetary operations on the continent are digital, African fintechs collectively generated US$4-6 billion in revenue by …