Browsing: Financial Technologies (FinTech)

  • 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 …

Payments have historically been a complex problem for African businesses and the banks serving them.

For this reason, companies need to collaborate with many partners to process the numerous types of payments that customers use. This is necessary since each nation prefers a different group of payment alternatives.

Card payments, an area in which banks perform exceptionally well, have a shallow level of penetration, which presents a challenge for banks considering the size of the population without a bank account and the popularity of mobile money.…