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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.
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.
