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Cashing in on a banking boom

Already a hotbed for fintech, Africa could be looking at a banking boom in the coming years. According to analysis by McKinsey partner Mayowa Kuyoro and coauthors, the continent’s financial-services market is expected to grow at about 10 percent a year through 2025, reaching approximately $230 billion in revenues. Wallets and payments are among the services that could see significant growth.

Financial-services revenues in Africa are expected to grow by 10 percent a year until 2025, with payments and wallets being the fastest-growing products.
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To read the article, see “Fintech in Africa: The end of the beginning,” August 30, 2022.