Financial technology, colloquially referred to as “fintech,” is accelerating financial inclusion in sub-Saharan Africa—a region that traditionally suffers from limited access to formal financial services, such as credit, insurance, and banking. While in recent years the opportunities made possible by this technology have opened doors for many in the region—especially low-income households—users of fintech are utilizing the tool in more and more sophisticated ways, as seen in a recent paper by Financial Technology Partners, a boutique investment banking firm, which reveals promising investment trends in the African FinTech industry.
Mobile money dominates fintech investment in Africa (brookings.edu)