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Fintech Report Africa

About the report

Fintech in Africa: A 2021 outlook report is an initiative that brings together fintech landscape of the African region, the endless opportunities present in the region, the challenges for fintech companies in Africa, the digital payments scenario, and some focus area imperatives for fintech companies in Africa to succeed.

The report serves as a useful reference document for digital strategy professionals, practitioners, academics, private sector professionals and entrepreneurs interested in learning about how technology is changing financial services across Africa. It also provides investors with an overview of the key opportunities available to them in the continent.

The Report showcases best-in-class technologies in the financial ecosystem for social inclusion, payments and digital currencies which Africa can use to leapfrog traditional technologies when building a 21st century financial system.

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    The report will help you:

    • Gain in-depth understanding of the current landscape of Africa for fintech firms covering the 50+ countries in the continent, as well as the macro-economic situation.
    • Understand the fintech challenges in the region and the factors contributing to it.
    • Unearth hidden fintech opportunities to tap into and discover the potential fintech opportunities to leverage upon.
    • Learn about the use of digital credit and its purposes in Africa.
    • Discover the essential focus areas for fintech companies in the region looking to compete and lead in the future.
    • Understand the digital payment landscape, trends shaping it, and obstacles facing fintech firms dealing in digital payment services across Africa.

    Key Findings:

    • Africa has the fast-growing millennial population, with 67% of the population under 30 years old.
    • Digital payments and remittances are the biggest opportunities for Fintech companies in Africa, as believed by 51.6% of the finance and technology executives surveyed.
    • In 2020, Africa accounted for half of the world’s registered mobile money accounts and 72% of the global mobile money transactions.
    • The biggest challenges facing Fintech companies in Africa are low digital literacy and low internet penetration in the region, as believed by 41.2% and 38% of the finance and technology executives surveyed, respectively.
    • In Africa, household needs (39.7%) and business needs (38.2%) are the top reasons for which digital credit is initiated. Africans do not initiate digital credit for non-essential needs.
    • Cash and Cheque are still the most widely used payment methods across Africa however, growth of digital payment methods over the years has been vastly higher than payments through cash and cheque.
    • Fintech companies dealing in digital payments must address the rising privacy concerns in the region by accommodating adequate security features in their digital payment platforms.
    • 42.3% of the finance and technology executives surveyed believe that developing a unified fintech platform should be the major focus area for futuristic Fintech companies in Africa.
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