As African fintechs begin to 'rebundle'… we see moves towards fully-fledged, all-service digital banks on the continent. The fintech industry has grown by 60% in Africa over the past two years. In a recent report on African FinTech, McKinsey & Company said that “Africa’s financial services sector is expected to grow at an annual rate of more than 10% from 2015 through 2022.” Fintech investment represented the highest proportion of tech investments in Africa last year on 39.7%, with South Africa, Nigeria and Kenya being the three largest markets.
The fintech industry has grown by 60% in Africa over the past two years. In a recent report on African FinTech, McKinsey & Company said that “Africa’s financial services sector is expected to grow at an annual rate of more than 10% from 2015 through 2022.” Fintech investment represented the highest proportion of tech investments in Africa last year on 39.7%, with South Africa, Nigeria and Kenya being the three largest markets.