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.