The Unstoppable Rise of Fintech Is Rapidly Changing the Way Africans Transact
This mushrooming industry can be directly linked to innovations that meet the needs of historically under-serviced market – the unbanked. Fintech itself has become a facilitator of economic growth in Africa. It is lowering the barriers to entry for consumers by playing a development role and helping to reduce financial exclusion. And financial inclusion combined with a strong financial sector is the backbone of any thriving economy.
While infrastructure development, internet penetration and access to finance remain real barriers to economic opportunities in many parts of Africa, the continent has overall experienced strong economic growth and made major inroads into poverty. An improvement in the quality of economic governance has also played a role. The costs of starting a business have fallen, as have the delays in starting a business.