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Fintech’s moment in Africa

The fintech industry in Africa has reached an inflection point. Cash is still used in about 90 percent of transactions on the continent, but if the sector can reach similar levels of penetration to those seen in Kenya—a country with one of the highest levels of fintech penetration in the world—we estimate that industry revenues could grow eight times their current value by 2025, according to findings by McKinsey senior partner Tunde Olanrewaju and coauthors.

Revenues for Africa fintechs could grow by up to eight times if penetration levels reach those of market leaders.
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To read the article, see “Fintech in Africa: The end of the beginning,” August 30, 2022.