The Future of Fintech in Africa (Series)

3 EpisodesPublished on 1 January 2024
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Launching our first podcast series, featuring insights from Lucidity Insights' most downloaded Special Report of 2023: ‘The Future of Fintech in Africa’. 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's population being unbanked, the fintech sector in Africa is brimming with opportunities.

Over the last decade, we'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.

In this Series

3 Episodes
Covered Topics
  • African Demographics and Financial Inclusion
  • Mobile Money Revolution
  • Leapfrogging Technologies in Africa
  • Introduction to African Unicorns
  • Challenges and Achievements of Unicorns
  • Role of Major Markets in Africa
  • Concentration of Startup Investment
  • Challenges in Startup Ecosystem Growth
  • Venture Funding Trends in Africa’s Fintech
Mentioned Investors

IFC Venture Capital Group

The International Finance Corporation (IFC) is the premier global development institution dedicated to fostering private sector growth in developing countries, thereby catalyzing economic development and enhancing livelihoods.

Mentioned Startups


MNT-Halan, a fintech ecosystem in Egypt, was formed through the acquisition of Halan by MNT Investment in June 2021. It offers various financial services, including Buy Now Pay Later, microfinance, and payments solutions that aims to bank the unbanked. Users can disburse, collect, and transfer money digitally through mobile applications.


Fawry provides electronic payment solutions and digital to individuals and businesses that's available through a network of over 100,000 payment points.


Wave Mobile Money is building a cashless Africa in Senegal, Cote d'Ivoire, Uganda, Burkina Faso, Gambia & Mali.


Interswitch is an integrated digital payments and commerce company designed to make payments an easy and enjoyable experience.



Flutterwave is a fintech company that provides payment solutions for businesses.

Chipper Cash

Chipper Cash is a fintech platform that offers mobile, cross-border money transfer services.


Andela specializes in connecting highly-skilled, global technology talent from emerging markets with leading companies like InVision, Cloudflare, and ViacomCBS, helping these companies scale their technology teams quickly and cost-effectively.

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