Report: Africa Likely to Leapfrog Leading Fintech Regions if It Adopts New Technologies
Africa will likely leapfrog the top fintech regions if startups on the continent adopt new technologies, the Global Fintech 2023 report by the Boston Consulting Group and QED Investors has said. The report points to the African continent’s young population as well as the projected population growth of 1.2 billion more inhabitants by 2050.
Overcoming Africa’s Financial Exclusion Woes
According to the Global Fintech 2023 report by the Boston Consulting Group and QED Investors, Africa and the Middle East are likely to leapfrog established fintech centers if they adopt new technologies. The report also noted that while cash is “still king” in Africa, fintech startups are ideally positioned to solve the continent’s financial exclusion woes. By overcoming this, the fintechs will help make Africa one of the fastest-growing regions globally.
Photo courtesy of John O’Bryan.