Browsing: Mobile penetration in Africa

Fintech seems like the panacea to Africa’s unemployment crisis, informal financial systems and governments’ tax target problems.

Josephine Wawira, a communications consultant, says that in a continent where over 60 per cent of the adult population is unbanked and the financial sector considerably underdeveloped, fintech is a welcome revolution that is seen to be boosting Africa’s financial infrastructure.

With a growing population, an increasing rate of mobile and internet penetration, combined with a substantial need for financial inclusion, Africa is a rich ground for the growth of fintechs and tech giants.

“There exist endless possibilities, as entrepreneurs seek to use technological advancements to create a range of more reliable and customer friendly solutions to real-world problems,” adds Wawira.

A sizeable number of fintech startups in the continent are closing existing gaps in various industries including healthcare, agriculture, transportation, e-commerce, and mobile money services.

Delivering more than just improved banking services