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This chapter explores the rapid emergence of FinTech across Africa, driven by the continent’s unique financial challenges and opportunities. The chapter highlights how FinTech is reshaping financial ecosystems and reaching populations traditionally excluded from formal financial services. Major headings include: Overview of FinTech sectors; Historical context: The evolution of FinTech in Africa; Key drivers of FinTech growth (e.g., mobile penetration, digitalization); The role of start-ups and entrepreneurship in driving FinTech innovation; Government and policy responses to the FinTech boom. The chapter found that despite challenges such as regulatory issues, poor ICT infrastructure, and cybersecurity, the FinTech sector supports innovation, financial inclusion, job creation, FDI attraction, and sector performance. FinTech growth in Africa is driven by the unbanked population, mobile penetration, regulations, and emerging start-ups. Key government responses include promoting mobile money interoperability, investing in digital infrastructure, and supporting FinTech education and awareness.

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The Rise of FinTech in Africa: Empowering the Underserved and Unbanked

  • 章节

  • 发表日期：

    2025年

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  • Khadijah Iddrisu,
  • Farihan Alhassan,
  • Stephanie Giamporcaro,
  • Joshua Yindenaba Abor

摘要

This chapter explores the rapid emergence of FinTech across Africa, driven by the continent’s unique financial challenges and opportunities. The chapter highlights how FinTech is reshaping financial ecosystems and reaching populations traditionally excluded from formal financial services. Major headings include: Overview of FinTech sectors; Historical context: The evolution of FinTech in Africa; Key drivers of FinTech growth (e.g., mobile penetration, digitalization); The role of start-ups and entrepreneurship in driving FinTech innovation; Government and policy responses to the FinTech boom. The chapter found that despite challenges such as regulatory issues, poor ICT infrastructure, and cybersecurity, the FinTech sector supports innovation, financial inclusion, job creation, FDI attraction, and sector performance. FinTech growth in Africa is driven by the unbanked population, mobile penetration, regulations, and emerging start-ups. Key government responses include promoting mobile money interoperability, investing in digital infrastructure, and supporting FinTech education and awareness.