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How African Demographics Bring Opportunity & Challenges
Welcome to Lucidity Insights' first episode in this three-part podcast series, where we embark on a thrilling exploration of the Future of Fintech in Africa. Unsurprisingly fintech is the hottest tech sector in Africa today, as it the continent suffers from a large unbanked population, where more than half of all SMEs - which account for 70% of the continent's total GDP, lack access to financial services. In this episode, we outline both the opportunity and challenges that Africa presents tech startups, including a burgeoning young and digitally-savvy population, and rising internet and mobile penetration rates. We look at the successful adoption of mobile money across key African nations, which helps to address the lack of access to traditional banking services across the continent. We dive into some of the key facts and figures, from low bank account ownership rates, and how Africa compares to the rest of the world.
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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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