Empowering Economic Inclusion Through Accelerated Technology Adoption

Elevandi

By Elevandi

06 August 2024

Written by Elevandi's own, Rafat Kapadia, Head of Investments,  Khyati Chauhan, Senior Associate, and Francesca Aliverti, Director, Business & Operations, Africa & Middle East. 

 

August 2024

Africa's FinTech sector has demonstrated remarkable resilience and growth in the face of economic challenges. The sector has attracted significant investment due to its proven business models, successful large funding rounds, and an increasing number of exits. This progress has caught the attention of major global investors and strategic players.  

As FinTech in Africa matures, it faces both opportunities and challenges. There is immense growth potential - cash still dominates many African economies. However, FinTechs must navigate complex regulatory landscapes, build trust with consumers, and develop sustainable business models.

During the 3i Africa Summit in Ghana held in May 2024, John Rwangombwa, Governor of the National Bank of Rwanda, attributed the economic growth of the region to the below three factors:

  1. The young population of Africa, which is educated, and easily able to adapt to changes in technology
  2. The policymakers across the region, who are making investments in digital infrastructure; and
  3. The implementation of enabling regulatory frameworks and policies that promote fintech and inclusive growth

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