With Fintech revenue reaching between $4.5 billion and $6 billion, the introduction of financial technology (Fintech) has had a favorable impact on the expansion of African and Sub-Saharan Africa.
Over 30% of the population is using fintech, according to a recent Financial Derivative Company (FDC) survey for the month of November.
According to the report, this growth facilitated and increased investment in financial technology in the region. It also stated that several Fintech startups in Kenya, South Africa, and Nigeria are putting forward-thinking financial innovations into practice, with great success so far.
Citing Jumia Pay, Fluter Wave, Google Pay, Opay PAGA, in Pega, Momo, and many other Fintech companies as examples, it was stated that these businesses rely on a number of factors, such as increased network coverage, an increase in smartphone users, and rapid urbanization, to prosper.