Author: Mark Dankworth
Last year saw an unprecedented rate of change in the financial sector, with huge growth in the use of digital financial services. A report by CB Insights entitled ‘State of FinTech’ revealed that the third quarter of 2021 was the second-highest on record for fintech financing, up by 147% year-on-year, and 2022 is looking more of the same. FinTechs will continue to drive financial inclusion, assisting in the creation of an accessible and sustainable digital economy for all, particularly across developing nations. Africa’s large unbanked and underbanked population, together with the increase in mobile penetration, creates fertile ground for fintech…
Mobile transacting is fast becoming the golden egg of financial services – and nowhere more so than in Africa. According to the Global System for Mobile Communications’ (GSMA) 2021 State of the Industry Report on Mobile Money, the number of registered mobile money accounts grew by 12.7% globally in 2021 to 1.21 billion accounts – double the forecasted growth rate. Sub-Saharan Africa makes up the biggest slice of this pie on all fronts – number of accounts (548 million of the 1.2 billion accounts), transaction volume (27.4 billion of the 41.4 billion transactions) and transaction value ($490 billion of the…
