Africa as the Next Major Frontier: Challenges & Barriers for Fintech in Africa

By Staff Writer, 07 June 2023

Africa is the next major frontier for the global economy and will see its population nearly double from 1.4 billion today to 2.5 billion by 2050.

The GSMA estimated that sub-Saharan Africa was home to nearly 550 million mobile money accounts in 2021, with over 160 million of these accounts being active on a regular basis. The World Bank credits mobile money and similar fintech solutions in helping to pull out millions of Africans out of poverty in the past decade. The opportunity is greater still. Like everywhere else on the planet, Covid19 has only accelerated this wave of digitization, and mobile payments across the continent are soaring. 

Though there are many driving forces at work to propel the fintech ecosystem forward

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