Browsing: Fintech growth in Kenya

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African fintech revenues could grow 8 times By 2025

Tech & Business
  • 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 …

Kenya, Nigeria, SA lead fintech growth in Africa as sector sees massive expansion

Kenya, Nigeria, SA lead fintech growth in Africa as sector sees massive expansion

Tech & Business
  • Mastercard has released a new study that indicates that fintech startups in Africa grew 81 per cent in 2021, with South Africa, Nigeria, and Kenya emerging as key hubs on the continent
  • The report also found that the fintech sector accounted for 27 per cent of the record-high number of deals closed and 61 per cent of the US$2.7 billion deployed across Africa in 2021
  • The three countries were also seen as among the countries leading the transition to digital payments, with infrastructure and policy frameworks that enable this growth firmly in place

Mastercard has released a new study that indicates that fintech startups in Africa grew 81 per cent in 2021, with South Africa, Nigeria, and Kenya emerging as key hubs on the continent. The white paper was seeking to determine the state of fintech in African markets.

Titled ‘The Future of Fintech: Rapid Growth Attracts Smart Capital’, the …