Fintech involves any company that uses the internet, mobile devices, software technology or cloud services to perform or connect with financial services. Africa is one of the fastest-growing banking and payments market globally.
Key facts about Africa’s fintech sector
- USD 22 million in mobile circulation across Africa
- USD 1.9 billion is processed by the mobile money industry daily
- Expected mobile penetration of 482 million people by 2025
- Expected mobile industry contribution to GDP is USD 185 billion in 2023