Internet Penetration Rates in Africa
The above chart illustrates the internet penetration rates of the 20 wealthiest markets in Africa, and only 4 countries – Morocco, Egypt, South Africa and Tunisia – have achieved higher rates of internet penetration than the world average (>62.5%). Only half of Nigeria’s 213 million population has access to the internet, immediately removing them from current fintech’s reach. This is why many international development organizations, including the IFC, are investing in infrastructure players, that can make internet accessible to all. It is imperative, in order to reach the unbanked and underserved in rural communities across Africa. The lowest internet penetration rate on the continent is Eritrea, where only 1% of the population has access to internet due to strong governmental restrictions.