This is eight times more than in the previous five years. The main reason for this is the availability of Internet access for the young population of the continent.
According to a report made by the consulting company McKinsey & Co, two-thirds of Africa's 1.3 billion people do not have a bank account or full access to financial services. 90% of all transactions occur through cash, which creates great opportunities for the growth of fintech companies.
Thus, African fintech has great growth potential for investment. The average deal size is growing, and revenues and financing are on the increase. All this creates new jobs and ensures the growth of the continent's economy.
The fastest growing market for these services will be Ghana and West Africa, followed by Nigeria and Egypt.