Fintech in Africa to reach US$ 3 billion by 2020

Fintech in Africa to grow from around US$ 200 million currently to US$ 3 billion by 2020, according to Nshuti Lucy Mbabazi, Assistant Vice President, Push Payments for the Ecobank Group.

A statement she made at the Africa Tech summit currently taking place in Kigali, Rwanda where she would be take part in a panel looking at delivering a cashless society in Africa. According to Ecobank, “millions of people in Africa now have access to financial systems thanks to cashless systems using digital technology, and more and more people are seeing the benefits of mobile banking.”

Africa is now at the forefront of fintech with 57.6% of the world’s 174 million active registered mobile money accounts (100.1 million) in Sub-Saharan Africa.

Rwanda, where the summit is taking place, has the second highest use of mobiles in Africa, with more than 50% of the population unique subscribers. Kenya has the highest penetration rate of almost 60% of the population.

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