FinTechs in Europe, North America and Asia have caught the attention of many financial institutions and investors in recent years: the trends and effects of FinTechs in these markets have consequently been thoroughly analyzed. This report from EY aims to shed light on a market that exhibits tremendous potential for FinTech investments, but which has not yet attracted the same level of attention from international investors.
Sub-Saharan Africa (SSA) is a region of opportunity for FinTech investments due to its unique economic and demographic environment. The region is characterized by less-developed financial infrastructure, and an unbanked population of about 60%. By ensuring access to financial services to this population, FinTechs have the potential to profoundly change the financial services landscape and play a pivotal role in improving financial inclusion. The continent has already proven its readiness for FinTechs: it has one of the highest mobile phone penetration levels in the world, and is currently experiencing a boom in mobile financial services and payment technologies.