The Africa FinTech sector is set to show strong growth over the medium term, from roughly $200m in 2018 to $3bn by 2020 according to, the Institute of Chartered in England and Wales, ICAEW’s latest report.
The majority of these investments have been routed towards Kenya, Nigeria and South Africa. It is expected that success in FinTech in these countries will expand to other African countries.
The report, commissioned by ICAEW and produced by partner and forecaster Oxford Economics, provides a snapshot of the region’s economic performance.
According to the report, Most African countries have a positive economic outlook, largely due to positive performance of traditional sectors. This is In Economic Insight: Africa Q1 2019, launched, the accountancy body provides GDP growth forecasts for various regions including East Africa which is set to grow by 6.3%, West and Central Africa at 4.4%, Franc Zone at 4.9%, and Southern Africa at 1.5%.
The report underscores the potential of fintech in leapfrogging other traditional economic drivers.
The regions include; East Africa, Central and West Africa, Franc Zone, Northern Africa and Southern Africa.