What makes Africa so attractive for fintech entrepreneurs and investors? African startups have attracted a record amount of fundings over in 2019 and it is bound to continue.
How is fintech affecting financial inclusion in a continent where the majority is unbanked?
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The African Continent accounts for 58% of the world’s electronic wallets
40%: Share of fintech investment out of total funding received by African startups in 2018
In November 2019, 3 fintech: Interswitch, OPay et PalmPay raised 360 million dollars
Ther are 5 elements that make Africa fertile ground for fintech startups?
1. It is about building not disrupting
28% of adults in the African continent have a bank account. making hard to save, or access economic opportunities
Fintech is building up an underdeveloped industry
2. Mobile penetration
80% have a mobile
in Kenya financial inclusion was 27% in 2006. Thanks to the launch of M-Pesa, a mobile money service, today financial inclusion stands at 83%.
3.Local startup ecosystems
’Africa eXellerator Lab; Digital Lenders Association of Kenya
South Africa Reserve Bank has set up a Financial Technology Program to support fintech
A majority of Chinese investors as well as global payments giants since 2018.
For now… but things are about to change
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In Ancient Greek ‘orama’ means ‘sight’ or ‘spectacle’. We plan to make the world of finance a meaningful spectacle by debunking the myths, interviewing the experts, discovering the rising stars, and finding purpose. http://orama.tv
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