Financing development: Fintech in Africa
22. March 2019
In many African countries—some of the most unbanked areas in the world—digital banking applications are redefining what it is to bank in economies with shallow penetration of the formal banking sector, representing an innovative force that is breaking new ground in the long-standing challenge of financial inclusion. This brief explores the emerging world of fintech in the context of Africa, outlining why financial technology applications are making waves on the continent. The role of key stakeholders, such as traditional banks and telecommunications companies are considered, as well as the importance of regulations and policy in this emerging industry. The relevance of local context and potential synergies with the Sustainable Development Goals (SDG) 2030 agenda are also examined.
Observer Research Foundation | Financing development: Fintech in Africa