FinTechs in Sub-Saharan Africa: A Landscape of Opportunities

Proshare - Facebook Proshare - Twitter Proshare - Linked In Proshare - WhatsApp

Tuesday, November 05, 2019 / 09:04 AM / By EY / Header Image Credit: EY

FinTechs in Europe, North America and Asia have caught the attention of many financial institutions and investors in recent years: the trends and effects of FinTechs in these markets have consequently been thoroughly analyzed. This report aims to shed light on a market that exhibits tremendous potential for FinTech investments, but which has not yet attracted the same level of attention from international investors.

Sub-Saharan Africa (SSA) is a region of opportunity for FinTech investments due to its unique economic and demographic environment. The region is characterized by less-developed financial infrastructure, and an unbanked population of about 60%. By ensuring access to financial services to this population, FinTechs have the potential to profoundly change the financial services landscape and play a pivotal role in improving financial inclusion.

Proshare Nigeria Pvt. Ltd.


The continent has already proven its readiness for FinTechs: it has one of the highest mobile phone penetration levels in the world, and is currently experiencing a boom in mobile financial services and payment technologies. Currently, the FinTech revolution in Africa is primarily fueled by the continent's three main hubs of South Africa, Kenya and Nigeria. These areas boast relatively more advanced FinTech ecosystems compared to the rest of the continent.


Proshare Nigeria Pvt. Ltd.


With local and global players, the FinTech landscape has grown at an annual rate of approximately 24% over the last 10 years. As observed in the FinTech sectors of developed countries, the landscape is currently ripe for consolidation. There are specialized players in the market and their complimentary business models make them attractive targets for mergers and acquisitions.

Both private and public investors worldwide have started to pay more attention to these developments, evidenced by a steady increase in investments in the SSA FinTech market.

Overall, the sector exhibits promising signs of accelerating growth, ample investment and business opportunities.


Download Full PDF Report Here


Proshare Nigeria Pvt. Ltd.

Related News

    1. FUTA and FINTECH Nigeria Sign MOU on Pioneer Fintech Academic Programme
    2. SEC, CBN To Support Nigerian Fintech And Broaden Financial Inclusion
    3. Opening Session Nigeria Fintech Week; Welcome Address By Dr Segun Aina,OFR, 29 October 2019
    4. Nigeria Fintech Week: SEC Nigeria To Launch Fintech Roadmap
    5. Team Requid Wins Maiden Edition of the NSE X-Kathon
    6. People-Component, Critical In the Development of Digital Financial Services - Victor Asemota
    7. IMF Gives Updates On Digital Currencies
    8. Firstbank Hosts Fintech Summit 3.0
    9. Africa Fintech Network - Notice of 2nd Annual General Meeting
    10. Cowrywise: Nigeria's Fast-Rising WealthTech
    11. SEC Publishes Report Of The FinTech Roadmap Committee Of The Nigerian Capital Market

    Proshare Nigeria Pvt. Ltd.

    Proshare Nigeria Pvt. Ltd.
    Related News