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Browsing: fintech sub-sahara africa
- 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 …
