Made or Received Digital Payments in the Past Year
For those that do use digital financial services, many Africans are forced to use multiple digital financial services that often operate in silos, making it difficult to transfer money or access credit across different platforms.
Despite all these challenges facing fintechs and fintech adoption in Africa, more and more Africans are getting online and making digital payments.
In 2014, only 27% of sub-Saharan Africans made a digital payment in the previous year. By 2021, that rate had doubled to 50%, outpacing both the MENA region and South Asia’s digital payments adoption rates.