Fintech Predicted to Contribute $150 Billion to Africa’s GDP by 2022

Tuesday, September 11, 2018

By Eric Ombok

The contribution of the financial-technology industry to sub-Saharan Africa’s economic output will increase by at least $40 billion to $150 billion by 2022, according to Financial Sector Deepening Africa, a development-finance organization.

The industry currently employs about 3 million people directly and indirectly in the region, FSD Africa Financial Markets Director Evans Osano said in an interview on Thursday. Sub-Saharan Africa’s gross domestic product is about $1.6 trillion, according to data compiled by the International Monetary Fund.

Photo courtesy of Erik (HASH) Hersman.

Source: Bloomberg (link opens in a new window)

Finance, Telecommunications
digital finance, financial inclusion, fintech, mobile finance, telecommunications