Browsing: financial regulation

• 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 …

The African Union (AU) has been conducting an initiative subbed ‘Silencing the Guns’ that is meant to fight illicit financial flows (IFFs).

Just so we are on the same page, illicit financial flows refer to the illegal movement of money from one country to other various channels including but not limited to tax fraud, money laundering, and other criminal activities.

Now, here is who, what, and how of the matter, but not in any particular order.

How grave is this IFF problem? Every year, Africa is robbed of a shocking $50 billion to IFF. Describing the annual illicit outflow as staggering losses to the continent, UN Deputy Secretary-General Amina Mohammed said;

“These flows pose a threat to stability and security in African countries, undermine institutions and democracy, and jeopardize sustainable development and the rule of law.”

The United Nations Conference of Trade and Development 2020 report placed the IFFs losses …