The Current State of Financial Technology Development in Some African Countries

The explosion of information technology has brought about many changes to the global economy, including the rapid development of financial technology (Fintech). Fintech represents a new evolutionary stage of the financial system, in which technology not only supports but also restructures all financial activities. The development of Fintech is particularly important for developing countries such as those in Africa. In Africa, Fintech is also understood in a broader sense, linked to the goal of promoting financial inclusion. The World Bank believes that Fintech has the potential to expand access to financial services for population groups previously excluded from the formal banking system, through solutions that are lower-cost, more accessible, and more flexible than traditional financial models (World Bank, 2020). Therefore, Fintech is not just a technological trend, but also an important tool to support sustainable socio-economic development. This article analyzes and evaluates the development of Fintech in two major African countries: Kenya and South Africa,  to understand the development and the impact that Fintech has on socio-economic development. Keywords: Current Situation, Development, Finance Technology, Kenya, South Africa.