With Africans favoring digital financial services, the continent’s fintech industry is soaring on cloud-nine. Smartphone addiction and deep internet penetration are enabling the technology providers to establish financial inclusion in Africa. The boom in mobile telecoms is going to power over a billion SIM connections by 2025 that will further drive fintech’s growth. It’s no surprise that the situation is fostering an environment for partnerships or probable M&As between the major banks and the technology providers.
Considering the pressing need of the hour, 48% of the African banks are transitioning towards becoming digital-first. Without a shadow of doubt, it’s quite evident that digital banking and fintech services are surely establishing financial inclusion in Africa thereby providing the region’s massive underprivileged and unbanked population an equal opportunity with wealth management.
