Finance in Africa 2024 - Chapter 5: Digital financial services in Africa
Domaine:
socioeconomicdigital infrastructureCréateur:
Eur
Éditeur:
Kud
Hôte:
The fintech sector continues to grow, with the number of active fintech companies reaching 1 263 in 2024, up from 1 049 in 2022, and 450 in 2020. In January 2024, payment solutions dominated the sector in Africa, offered by 33% of the fintech firms. Lending was the second most popular product area, offered by 19% of firms. The share of people with a mobile money account in sub-Saharan Africa has almost tripled to 33% in 2021 from 12% in 2014, while the share of people with traditional financial accounts has grown at a much slower pace (40% in 2021 vs. 29% in 2014).
Banks in the European Investment Bank (EIB) survey see strong incentives to partner with fintech companies. The main perceived benefits from partnering with fintech companies are: improving the customer experience (100% of the survey sample) and accessing innovative technology (95%).
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