Browsing: Growth of fintech in Africa

• McKinsey report found that fintech in Africa is the fastest-growing startup industry, raising over US$1.3 billion in 2021
• The industry is being supported by several trends, including smartphone ownership, declining internet costs, and a young, fast-growing, and rapidly urbanising population
• Cash is still used in around 90% of transactions in Africa, which means that fintech revenues have huge potential to grow
• The top challenges that fintech may face include reaching scale and profitability, navigating an uncertain regulatory environment, managing scarcity, and building robust corporate governance foundations

A new finding named fintech in Africa as the fastest-growing startup industry, raising over US$1.3 billion in 2021.

McKinsey & Company found that the industry is being supported by several trends, including smartphone ownership, declining internet costs, expanded network coverage, and a young, fast-growing, and rapidly urbanizing population. Further, the COVID-19 pandemic has also accelerated existing trends toward digitalization and created a fertile environment …

• 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 …