Financial inclusion is still a challenge on the continent. Yet Africa’s fintech is poised to be the fastest growing in the world this decade, but more needs to be done to achieve this acclaim.
Africa’s ascent as the global frontrunner in the fintech industry is undeniable. Per a recent report by Boston Consulting Group (BCG) and QED investors, the continent’s fintech ecosystem is poised to be one of the fastest growing by 2030. According to the report, Asia-Pacific regions will be the largest fintech market by 2030, while Latin America and Africa will be the fastest-growing regions in that market. Fintech revenue is projected to grow by 13x on the continent. However, as this remarkable growth takes shape, it becomes crucial to critically examine the potential costs and implications that accompany this transformative journey.
Africa has the leading population of unbanked and underbanked people globally. According to World Bank, 57% of Africans are unbanked. With…
