fintechInvestor ActivityNews

McKinsey sees Africa fintech sales surging eightfold by 2025

1 Mins read

Africa’s financial-technology company revenue may soar to $30.3bn by 2025 – eight times higher than in 2020 – as a growing, young and under-banked population gets more access to internet, McKinsey & Co, said.

The anticipated increase is part of a rapid expansion in financial services income that’s expected to grow to $230bn from $150bn over the same period, the consulting company said in a research report published Tuesday.

About two-thirds of Africa’s 1.3 billion people don’t have a bank account or full access to financial services, and 90 per cent of all transactions on the continent are still cash-based, according to the report. That creates a growth opportunity for fintech companies.

“African fintech is emerging as a hotbed for investment, with average deal sizes growing and the proportion of fintech funding in Africa increasing over the past year, bringing jobs and growth to African economies,” McKinsey said. “And the story is only just beginning.”

Financial services revenues in Ghana and francophone West Africa will enjoy the fastest growth, with Nigeria and Egypt the next quickest, it said.

 

Source: Gulfbusiness.com

Related posts
HeadlineInvestor ActivityNigeria

Nigeria launches $672 million tech fund for young investors

1 Mins read
Nigeria launches $672 million tech fund for young investors Nigeria launched a $672 million fund on Tuesday to support tech and creative…
FinanceInvestor Activity

US$5.9m project launched to stem illicit financial flows from Africa

2 Mins read
US$5.9m project launched to stem illicit financial flows from Africa. The African Development Bank and the Coalition for Dialogue on Africa (CoDA)…
fintechHeadline

Hackers steal ₦2.9 billion from Flutterwave accounts, motion granted to freeze accounts connected with stolen funds

3 Mins read
Hackers steal ₦2.9 billion from Flutterwave accounts, motion granted to freeze accounts connected with stolen funds The news: According to documents seen…

Leave a Reply

Your email address will not be published. Required fields are marked *

error: Content is protected !!