2017: the year fintech shifts its focus to Africa
In many cases, fintech’s rapid growth can be attributed to the industry’s widespread adoption and innovation in developed, Western countries. But to continue on its growth path – including a projected compound annual growth rate of 54% through 2020 – fintech businesses have been increasingly developing strategies to target emerging markets.
In particular, Africa is becoming a very interesting fintech innovation hub (in particular South Africa, Nigeria and Egypt). As much as 80% of the continent is unbanked, opening the door to a breadth of opportunities for fintech companies to seize market share. In fact, companies in the fintech space received almost 30% of all funding for African tech businesses and this number shows no signs of slowing down.
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