Fintech is disrupting banking, finance, and even money as we know it. It’s a global phenomenon, but in Africa more than anywhere, the impact has the potential to be both socially and economically transformative (source: africafintechsummit.com)
Read our “Fintech in Africa” article here.
There is something mysterious going on in Africa, the cradle of mankind.
For decades, Africa has been growing at an extraordinary rate and in fact the unweighted annual average GDP growth overtook Asia’s average in early 2000 and has not only maintained this, but the growth gap is holding its own and potentially increasing.
Much has been said about BRIC nations, but in that group only China has been in the top 10 along with 6 from the continent of the lion. Overall though within Africa, taking growth and stability into account, the top cheetah of the pack is Botswana.
And guess what, fintech in Africa is booming! In the last years a good third of venture capital funding raised by African startups was directed at the fintech sector. This might seem surprising since most adults in Africa do not have a bank account, they are “unbanked”. Around 80% of adults did not have access to banking services, in a traditional sense.