Here Are the 10 Graphs That Will Help Explain the Fintech Opportunity and Challenge in Africa

By Erika Masako Welch, 29 May 2023

Africa has 1.4 billion people living on the continent, or 18% of the world’s population. Today, 90% of transactions in Africa use cash. It is also estimated that approximately 57% of Africans do not hold any kind of bank account, including mobile wallets. The opportunity, particularly for Fintechs, is massive. 

The Power of Fintech in Africa

Fintech isn’t just about convenience and delivering a smarter, cost-effective solution to consumers here like in the rest of the world; instead, inherent to the market realities in Africa, Fintech presents an opportunity to reach hundreds of millions of unbanked and underserved people. Fintechs have the opportunity to achieve mass financial inclusion and take steps towards lifting anoth

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Future of Fintech in Africa

The Future of Fintech in Africa

18% of the world’s population lives in Africa, and 57% of Africans are ‘unbanked’, living without a bank account or a digital wallet to their Name. The opportunity is massive, which is why fintech is the most dominant and most funded tech sector in Africa, today.