An eagerness to embrace mobile payments has put Africa at the vanguard of innovation in the global financial services industry – and thanks to microfinance and other developments in banking, the continent looks set to stay there.
From the mobile banking which brings many remote communities into the banking system, to the rapid growth of FinTech markets that are forecast to be worth over $3bn by 2020, Africa is undergoing a financial services revolution. Such developments have created opportunities for banks not only to expand, but also to challenge the established way of doing business. And alongside the rapidly maturing banking sector, there’s plenty of potential for growth in associated areas such as leasing, insurance, debt issuance and private equity.
Sector at a glance
58% - The proportion of Kenyans with a mobile money account – the highest in the world
31% - The percentage of African adults who have sent money via a mobile phone
13% - The proportion of adults who borrow to develop their business