This development will make Africa the world’sfastest-growing region, alongside Latin America, which is predicted to see 12.5-fold growth. North America, in contrast will only see a 4.4 times increase, although revenues there and in the Asia-Pacific region will remain far ahead of the rest of the world. The study also projects a compound annual growth rate (CAGR) of 32% for African fintech revenue until 2030. With 57% of Africans being still unbanked, according to the World Bank, BCG’s Rishi Varma, coauthor of the Global Fintech report, believes fintech could be a vehicle to solve the access issue and promote financial inclusion. BCG attributes Africa’s fintech sector growth to “leapfrogging in technology” and the emergence of new fintech champions.

Source: The North Africa Journal June 29, 2023 11:02 UTC