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Betting on Africa: Why the Future of Fintech Lies on the Continent

Betting on Africa: Why the Future of Fintech Lies on the Continent

By Erika Masako Welch 15 June 2023

Africa is home to 1.4 billion people. 

Nearly 1 in 5 people on the planet live here, in Africa.

57% of Africans still don’t have a bank account or mobile wallets. It is one of the last frontiers for fintech entrepreneurs. It is a virgin land, a frontier market for the adventurous looking to become the market leader. Many credit the rise of fintech as the great enabler reaching the unbanked in Africa, where traditional banks with brick-and-mortar business models simply couldn’t reach. Many say the opportunity is still huge.

In 2020, Stripe, one of the world’s largest privately held fintech unicorns, acquired PayStack, Nigeria’s very own payments company. That deal, along with a steady stream of fintech unicorn births from the likes of Interswitch, Opay, and Flut

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Related Report

Future of Fintech in Africa

The Future of Fintech in Africa

Eighteen percent of the world’s population lives in Africa, and 57% of Africans are ‘unbanked’, without a bank account or a digital wallet. This presents a massive opportunity, making fintech the most dominant and funded tech sector in Africa today. This special report highlights how African fintechs not only have one of the largest total addressable markets globally but are also crucial for achieving financial inclusion and empowering unbanked populations. The potential impact of a successful fintech in Africa is unparalleled. To learn more about the drivers, barriers, and opportunities in African fintech, as well as progress toward financial inclusion, read the special report.

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