Africa is last growth frontier for fintech companies

Sub-Saharan Africa is one of the fastest-growing investment zones for financial technology companies, according the trade body that represents the interests of global mobile network operators.

The GSM Association (GSMA) says in its Mobile Economy, Sub-Saharan Africa 2019 report that the region will remain the fastest growing worldwide. Predicting a total subscriber base of over 600 million by 2025, which represents approximately half the population, Sub-Saharan Africa will become a flagship for mobile disruption.

According to Mike Smits, co-founder of the uKheshe micro transaction platform, the unbanked are one of the driving forces behind this growth. “Mastercard reports that while around 1.2 billion adults opened bank accounts for the first time over the past decade, 1.7 billion remain outside the formal banking sector worldwide,” Smits says.

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