Africa’s FinTechs can stretch beyond payments solutions to microfinance and insurance
New financial technology (FinTech) platforms have played a critical role in Africa in recent years in improving financial inclusion – making financial services accessible to everyone, regardless of their personal net worth or company size.
A new report from Boston Consulting Group (BCG), in collaboration with Elevandi, “Driving Financial Inclusion in Africa”, highlights the growth of financial inclusion in Africa since M-PESA was founded in Kenya in 2007. While four countries (South Africa, Kenya, Uganda and Ghana) are growing financial inclusion above the regional average, FinTech ecosystems in other African countries are maturing and attracting more investment.
The report also discusses some of the key takeaways from the Inclusive FinTech Forum held in Kigali, Rwanda, in June 2023. The Forum discussed growth in African FinTechs, and concluded that the second wave of FinTech growth will be driven by greater adoption of smartphones, better connectivity and cloud adoption in more advanced economies.
BCG adds its perspectives on how it expects financial inclusion in Africa is likely to grow. It proposes winning strategies for FinTechs and the appropriate support governments could provide to enable FinTechs to flourish.
Download and read the full report here.