FinTech is all about innovation, disruption and transformation, and will undoubtedly impact and shape the way financial institutions around the world operate. It’s a fascinating time for fintech. What was once a disruptive force in the financial world has become standard practice for many industry leaders. Fintech industry funding has already reached new highs globally with overall funding hitting $32.6 billion. Some new regions, including South America and Africa, are emerging on the scene. Some fintech companies, including several insurtechs, have dipped into new markets to escape heightened competition.
The African continent’s adoption of transacting has developed faster than anywhere else in the world. Where previously it would take a day to visit the bank, withdraw and deliver cash, now it happens in a few seconds. As the world sits up and takes notice of Africa, the pieces are slowly beginning to fall into place as innovators across the industry unite suppliers, seek to overcome regulatory challenges and building an infrastructure that can sustain the volume that Africa will be delivering as bandwidth increases, data costs decrease and smartphone proliferation brings hundreds of millions more online.
Join Invest Africa for a discussion on the fintech in Africa and the opportunities it can afford to those looking to invest in Africa.