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Browsing: Start up challenges
- 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 …