The Fintech Revolution in Africa’s FX Markets

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With over 548 million registered mobile money users in sub-Saharan Africa, increased internet access and readily available mobile money solutions, the FX market has become accessible to the majority of Africans. 

The availability of mobile money payment solutions has seen an increase in the creation of fintech startups created solely to cater to Africans interested in trying their hand at trading in both local and international FX markets. 

Firms including Exness, XM.com, Avatrade, CM Trading, Tickmill and Chipper Cash among others all reported a significant growth in trading in 2020. A testament to the growing trading culture driven by fintech across the continent.

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Kanyali Cynthia is a Kenyan-based financial journalist with key specialisation in data and tech reporting and over eight years of experience.

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