McKinsey sees Africa fintech sales surging eightfold by 2025
”Africa’s financial-technology company revenue may soar to $30.3bn by 2025 – eight times higher than in 2020 – as a growing, young and under-banked population gets more access to internet, McKinsey & Co, said.
About two-thirds of Africa’s 1.3 billion people don’t have a bank account or full access to financial services, and 90 per cent of all transactions on the continent are still cash-based, according to the report. That creates a growth opportunity for fintech companies.
African fintech is emerging as a hotbed for investment, with average deal sizes growing and the proportion of fintech funding in Africa increasing over the past year, bringing jobs and growth to African economies,” McKinsey said. “And the story is only just beginning”.
Koinon’s stakeholders are committed to being an integral part of Africa’s fintech success and growth.