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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.
Related Report
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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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