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:
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