By Lucidity Insights Research Team • August 30, 2023
Could Africa become the Next Global Fintech Hub?
Though African fintech startups only account for 2% of global fintech funding today, there are a number of drivers pointing towards Africa becoming the next great frontier of fintech. One tell-tale sign is that one-third (>34%) of all scaleups in Africa are fintechs. Watch this video to explore the opportunity of fintech in Africa.
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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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