As the fastest-growing start-up industry in Africa, African fintech has been projected to hit an estimated revenue of $30 billion by the year 2025. According to McKinsey & Company, the regional sector raised over $1.3 billion in 2021 alone. It added that the success of fintech companies was being fuelled by several trends, including increasing smartphone ownership, declining internet costs, expanded network coverage, and a young, fast-growing, and rapidly urbanizing population. “African fintech has a significant impact on day-to-day life on the continent and with its current upward trend it can be perfectly poised to rapidly advance Africa’s global competitiveness Access Multimedia Content “These fertile grounds do have challenges. Regulatory uncertainties and differences between countries are a bottleneck, throttling the expansion of financial inclusion in Africa.
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