Despite political and economic challenges and a global pandemic, one industry in Africa is booming: fintech. Between 2020 and 2021, the number of tech start-ups in Africa tripled to around 5,200, and just under half of these are fintechs, write senior partner Max Flötotto, partner Mayowa Kuyoro, and managing partner Tunde Olanrewaju in a recent report. McKinsey estimates that Africa’s financial-services market could grow at about 10 percent annually, reaching about $230 billion in revenues by 2025 ($150 billion excluding South Africa, which is the largest and most mature market on the continent). Dive into these insights to learn more about the prospects for African fintech, as well as other crucial items on Africa’s agenda, including sustainability and vaccine uptake.
Fintech in Africa: The end of the beginning
The future of payments in Africa
Stretched South African consumers put health and sustainability on the shopping list
Author Talks: Africa is not a country
McKinsey Africa podcast with Paga CEO Tayo Oviosu
A data-driven approach to addressing COVID-19 vaccine uptake in Africa
McKinsey Africa podcast with Mukuru CEO Andy Jury
Nature and financial institutions in Africa: A first assessment of opportunities and risks
Green Africa: A growth and resilience agenda for the continent
Power to move: Accelerating the electric transport transition in sub-Saharan Africa