- Fintech in Africa is predicted to grow by 10% annually through 2025, reaching a total of $150 billion (excluding South Africa).
- The success of fintech companies in Africa is driven by trends such as increasing smartphone ownership, declining internet costs, expanded network coverage, and a young, rapidly growing and urbanizing population.
- Key markets for fintech growth in Africa include Cameroon, Côte d’Ivoire, Egypt, Ghana, Kenya, Morocco, Nigeria, Senegal, South Africa, Tanzania, and Uganda, which together account for 70% of Africa’s GDP and half of its population.
According to research from McKinsey, the fintech market in Africa is expected to increase by 10% annually through 2025, totalling $150 billion (excluding South Africa). The success of fintech companies in Africa is being driven by increasing smartphone ownership, declining internet costs, expanded network coverage, and a young, rapidly growing and urbanizing population. The COVID-19 pandemic has further accelerated the shift towards digitalization and created a favourable environment for new technology players.