The Future of Fintech in Africa

Welcome to Lucidity Insights&#39; second episode in this three-part podcast series, where we take a look at the Future of Fintech in Africa. But in order to look forward, we need to look at which African startups have already been successful. Unsurprisingly, the vast majority of unicorns in Africa are fintechs. We cover the unicorn stories of Interswitch from Nigeria, Flutterwave from Nigeria/USA, Opay from Nigeria, Wave Mobile from Senegal, Andela from Nigeria/USA, Chipper from Ghana/USA, and MNT-Halan from Egypt. We also cover some very honourable mentions: Paystack from Nigeria, which got bought out by Stripe before reaching unicorn status; Fawry in Egypt who successfully IPO&#39;d in 2019 and achieved a &gt;$1 billion status in 2020; and Jumia, who is considered Africa&#39;s first unicorn, who also successfully IPOed in 2019.

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Ep2. Stories of Tech Unicorns in Africa | The Future of Fintech in Africa

In this series, we cover some of the insights from Lucidity Insights 2023 Special Report: The Future of Fintech in Africa. Fintech has the potential to pull millions of Africans out of poverty, but face challenges, as more than half of the continent’s population is unbanked. Big challenges mean big opportunities. Learn all about why and how African startups are making waves on the global fintech stage.

Launching our first podcast series, featuring insights from Lucidity Insights&#39; most downloaded Special Report of 2023: &lsquo;The Future of Fintech in Africa&rsquo;. Join our host, Erika Welch, as she highlights the transformative potential of fintech to uplift millions of Africans from poverty. Despite immense challenges, such as over half of the continent&#39;s population being unbanked, the fintech sector in Africa is brimming with opportunities.

Over the last decade, we&#39;ve seen amazing potential for scalability across Africa. For instance, half of all registered and active mobile money accounts in the world are in Africa, with roughly 600 million registered accounts and over 160 million active ones. This scalability is transforming financial inclusion, as noted by Mark Elliott, Division President of sub-Saharan Africa for MasterCard. Kareem Aziz, the Global Head of Digital Payments Investments at the IFC, also shares insights on the headwinds faced by African startups today. We explore the innovative solutions African startups are developing to address these challenges, from mobile banking to blockchain technology, and how these innovations are making waves on the global fintech stage.

We also address why many African unicorns, like Jumia and Andela, have set up headquarters outside of the continent to attract financing, reflecting both the challenges and successes of the fintech landscape in Africa.

Explore African fintech's impact on overcoming challenges of the unbanked population. Discover the opportunities driving African startups to global fintech prominence.

Stories of Tech Unicorns in Africa

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Stories of Tech Unicorns in Africa

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