FEATURE : FINTECH
African fintech is siloed and unable to scale
With only 4 % reaching series-C funding , African fintech must learn to scale and not exist solely in siloed markets , by investing in understanding regulations , procuring licenses , developing teams on ground , adapting business models says Caio Anteghini at BCG .
Africa is one of the fastest growing fintech markets with revenue forecasted to grow 13-fold to $ 65-billion by 2030 . In addition to the revenue opportunity , fintech plays an important role in developing the region ’ s economy and improving the lives of African people by revolutionising the financial sector . since M-Pesa was founded in Kenya in 2007 . While some large economies , South Africa , Kenya , Uganda and Ghana have made significant progress in financial inclusion , there is still a long way to go and significant opportunity which supports the continuous high investment in African fintech .
Boston Consulting Group , BCG , in collaboration with Elevandi , highlights how to further advance financial inclusion on the continent and explore advancing the fintech industry and unlocking its full potential in the years to come .
The report , Driving Financial Inclusion in Africa , unpacks the growth of financial inclusion in Africa
“ The first wave of fintech , driven by mobile money and payment solutions have already enabled a step change in financial inclusion and trust in digital solutions . A second wave of fintech with a wider product offering can now leverage the platforms created to access a broader population and further accelerate financial inclusion ,” says Caio Anteghini , Partner at BCG , Johannesburg .
46 INTELLIGENTCIO AFRICA www . intelligentcio . com