Fintech Technology Is A Potential Driver Of African Economies

Written by Staff
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The Economic Insight: Africa report provides a snapshot of East Africa, Central and West Africa, Franc Zone, Northern Africa and Southern Africa’s economic performance.

According to the report; East Africa is expected to remain the strongest growing region with a 6.3% economic expansion this year. Ethiopia, Rwanda, Tanzania and Uganda are all expected to record real GDP growth above 6% this year, largely due to infrastructure investment and the expansion of financial, and telecoms services.

African economic growth has in general been driven by public infrastructure investment and the expansion of services to a largely underserviced population. However, financial technology (FinTech) is increasingly receiving attention from both private and public sector, facilitating innovation in other sectors of the economy and allowing African nations to leapfrog more traditional infrastructure.

Story from Entrepreneur.

Almost one-third of total funding on the continent was raised by fintech start-ups in 2017. This can be supported by the fact that 60% of all mobile money accounts globally can be found in sub-Saharan Africa (SSA), according to an Ecobank study.

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The Franc Zone is expected to record a commendable 4.9% expansion this year. Senegal saw a relatively free and fair election in February setting the stage for largely due positive increase in Uganda are economic performance of 6.5%. Ivory Coast’s economic growth is forecast to reach 7.0% this year, boosted by a rebound in agricultural exports and a strong industrial sector.

Read more at Entrepreneur.