Report: Growth of FinTech in Africa Set to Challenge Financial Providers
CAPE TOWN, South Africa — The FinTech sector in Africa is poised for exponential and rapid growth that will challenge existing financial services providers, despite the fact that it is in the early stages of adoption relative to the rest of the world. According to recent Frost & Sullivan analysis, the FinTech industry in Africa may experience a similar disruption seen in Australia, a country with financial services development comparable to South Africa. The financial sector in Australia is set to take $10 billion in revenues away from the big Australian banks and contribute $3 billion of new revenue from 2015 to 2020.
On 18 August 2016, Frost & Sullivan will be hosting a FinTech Think Tank session at the Growth Innovation Leadership (GIL) Africa congress [http://www.frost.com/GILAfrica] that will explore the African FinTech opportunity and look at how solutions can be adapted to suit Africa’s unique needs.
“The African continent has embraced mobile communications at a faster rate than other parts of the world, whilst also pioneering mobile technologies such as MPESA, through which almost 50% of payments are being made by Kenyans,” notes Wayne Houghton, Director of Growth Implementation Solutions for Africa at Frost & Sullivan.