McKinsey Africa podcast with Dare Okoudjou, founder and CEO of MFS Africa

| Podcast

Kerry Naidoo: Hello, and welcome to the McKinsey Africa podcast with me, Kerry Naidoo. The McKinsey Africa podcast brings you conversations with leading experts and shares actionable insights addressing challenges and opportunities facing managers and leaders working on the continent.

This is one of our featured podcasts in a series focusing on Africa’s financial technology, or fintech, industry. For those joining for the first time and those new to the industry, we’re using the term fintech as a catchall for any technology that’s delivering financial services in new and innovative ways, often through automation.

The typical advantage of fintech over traditional financial services is that it offers greater access and nimbleness, which is what consumers and business owners expect and increasingly need to get by in the modern world.

Of course, it also holds significant potential for improving financial inclusion, which in Africa, with its high unbanked population, is vital. In this series of interviews, we’ll speak to some of Africa’s leading proponents of fintech on what it takes or will take to build the sector on the continent.

I’m delighted to welcome Dare Okoudjou, founder and CEO of MFS Africa, the largest mobile money platform on the continent. Connected to over 400 million mobile wallets and over 200 million bank wallets across 35 countries in Africa, MFS Africa was named one of the most innovative companies by business magazine Fast Company in 2017.

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Before launching the start-up MFS Africa in 2009, Dare worked at the MTN Group, where he developed its mobile payment strategy and led implementation across MTN operations in 21 countries across Africa and the Middle East.

Dare started his career in management consulting with PricewaterhouseCoopers in Paris and holds an MSc in telecom engineering from ENST Paris and an MBA from INSEAD. Also joining us in the studio today is one of McKinsey’s leading authorities in fintech, Mayowa Kuyoro, a partner in the Lagos office.

She leads the financial services practice with a focus on banking, fintech, and payments, and has over ten years of experience working in private-, public- and social-sector institutions across Africa.

Mayowa also leads McKinsey’s work with start-up companies, especially fintech concerns on the continent, and is a thought leader on innovation in this space. Dare and Mayowa, thank you for being here, and welcome to the McKinsey Africa podcast. Dare, maybe start off by telling us a bit more about MFS Africa.

Dare Okoudjou: MFS Africa really started as a result of my own experience as a migrant. As you know, when you’re a migrant, there are two concerns in your life. You call home, and you send money home.

And since ‘94 when I left Benin to now, the calling home got so much better. We started by writing letters to set appointments to call. We went from the payphone to the scratch card that we had to buy specifically for the destination we were calling.

And now, we absolutely take for granted that we can click on a button and talk, and we don’t even know where the people are. Someone gives you a number, and it could be Burundi or Bulgaria or Bangladesh. You just dial the number and take it for granted that it will work. And it does work, which is the magic part of it.

But you can’t do that for money. If I, say, just give you a number, you can’t take it for granted that you’ll be able to transact with that person. MFS Africa really exists to solve that problem, to make the world take for granted that if you can call, you should be able to pay.

And the way we approach the problem is really with the same method telecoms have approached the problem, which is by having a network of networks. So the idea of connecting different payment schemes together, initially starting in Africa, to make sure that from any person who is a regular user of a given payment screen anywhere in Africa, say, Guinea-Conakry, we can find a path to another user on a completely different payment scheme in Zambia, for instance, to be able to exchange value.

That’s really the approach we’re taking, which is not dissimilar to the way that someone in Guinea- Conakry will be able to call someone in Zambia. Not because there is just one network that covers both of them, and not because there’s a direct link between those networks.

But because we have been able, in telecommunications, to stitch a network together in a way that there’s always a path. So that’s the essence of MFS Africa. And we talk about making borders matter less. It comes from this experience of being a migrant, and I’m sure many of your listeners have a similar experience.

Mayowa Kuyoro: Absolutely, Dare. MFS has become one of the largest digital payments hubs. You spoke about it being a connector of networks to other networks within the mobile money, cross- border—the broader payments sector. And you make it look very, very easy.

What are your thoughts on building and scaling fintech on the continent? We’ve seen an explosion of activity in this space. And a lot of the questions that players in the ecosystem are asking are about how you take the innovations that we’ve seen to scale. It would be great to get some of your thoughts about that.

Dare Okoudjou: No, absolutely. It’s certainly not easy. I’m sorry if I’m making it sound like it’s easy. It’s not. But usually, I think it gets easier if you stand on purpose. I think part of the difficulty is not being sure of what the North Star is.

And if you’re not sure about the North Star, obviously the wings and the hurdles as well will take you off course, if you had a course anyway. So, in our case, it’s easier because we have our eyes set on this direction of making borders matter less.

And sometimes people ask me, “When do we know our work is done?” including MFS Africa employees. And I literally have my mom’s number that I wrote down, and my mom still lives in Benin. And I say, “Well, do you believe you can call this number?” And usually the answer is yes.

“Do you believe you can pay for this number?” And usually, they hesitate more. And I say, “Well, our job will be done when you cannot hesitate at this question. You will be as convinced that you can pay as you are today about calling.”

So with that clarity of purpose, it gets a little bit easier. Having said that, I think there’s part of building a venture in Africa now, which is not easier, whether you’re building in fintech, in agritech, in health tech, as long as it’s tech, let me be very specific.

And that has to do with the fact that you have to build really strong teams, and you have to continue scaling your team. And that tends to be one of the most difficult things when you now need to go outside of your personal network for recruitment.

The more ventures we have, the more funding we get, the more difficult that gets, because the pool is actually small, and we are all fighting for the same resources. When you are in fintech, there is an added difficulty, which is around regulation, of course.

And especially if you’re trying to do this across markets, then the difficulty compounds. How we go about it at MFS Africa is to be very deliberate about the talent part of things and betting that if we have the right people, they will find the right answers, and they will find the right questions as well.

And we focus a lot of our energy on just attracting and retaining the right people. Then obviously, you need the funding to be able to do that. And then you need to manage the stakeholders across your ecosystem.

It’s a moving target sometimes because of the complexity of the ecosystem, because of the singularity of some countries. But by and large, our approach has been, “Look, if we get the right people, if we fill the place with the right people, we will get there eventually.”

Mayowa Kuyoro: In your business, what does a truly Pan-African footprint look like? How do you think you’ve achieved true Pan-Africanism in finance? And if so, how have you been able to achieve it?

Dare Okoudjou: Yeah, it’s a great question. What a true Pan-African footprint looks like—for us it’s simple. It’s all countries in Africa because again, there are some unnatural things going on across some borders in Africa.

And when you look at it from a macro perspective, you miss it. Already being from Benin and with a Yoruba name, you can guess that I’m very familiar with the trade between Benin and Nigeria.

Most people miss it in the macro trend, but that actually makes Benin an “extender” to Nigeria when you look at flows of trade, but at the macro level, you say, “Well, Nigeria is the bigger country, so people from Benin will emigrate to Nigeria, and then send money back to Benin.”

That’s the natural construct that we think of, but that’s not true in reality. The reality is, people from Benin who originally came from Nigeria kept ties with the tribe, if you want to call it that, and continue to trade with them. So they buy a lot. And with the Nigeria manufacturing base being stronger than the one in Benin, they buy more from Nigeria, and they come back and sell it in Benin.

And similar things are at play between Gambia and Senegal, between Malawi and the rest of the port countries on the east, Tanzania and so on. So for us, we don’t see the borders, and that’s why we talk about making borders matter less.

So we see one Africa, not only from the Pan-Africanism of our fathers and so on, but from the reality that people are trading with each other and people are moving. This is compounded by the fact that if you take someone from Kampala today, or someone from Accra, or someone from Lusaka, or someone from Lagos, you just look at the way they dress, the way they talk, the music they listen to, the food they eat, and the differences are getting smaller and smaller.

So there is this convergence of people. There is this unity of people and this oneness that is at play. And for us, a truly Pan-African footprint cannot leave any country outside. We can argue a little bit if Northern Africa is the same.

And there are differences, cultural differences, but that is only true if you’re directly comparing Morocco to South Africa. But if you’re comparing Morocco to Mauritania, it’s a gradient. And if you’re comparing Mauritania to Senegal, it’s a gradient.

So that’s why I’m a strong believer that it has to be the whole of Africa. And that’s our goal, it’s to wire up the whole continent, to make it possible for money to move from Windhoek to Cairo and money to move from Antananarivo to Nouakchott. It should be possible. Today it is possible to call these countries.

Now, how do you go about that? It’s like eating an elephant, piece by piece. So we have to be patient about that mission, and we have to keep building in that direction. It does get easier once the network effect kicks in, because once we have connected Kenya, Uganda, Rwanda, and Tanzania, it becomes a no-brainer to add Burundi to it, for instance.

And it makes sense to add DRC to it. So there is a network effect that kicks in at some point. But as far as we, MFS Africa, are concerned, the goal is to cover the whole continent.

Mayowa Kuyoro: Absolutely. As you were speaking, I was remembering a situation that happened to me two years ago now. Yeah, probably two years ago. I had gone to get my hair braided. And I was in Kenya, and I do not carry cash around with me.

And the way for me to make that payment was that I had to send US dollars to a friend. And then that person sent the shillings, the Kenyan shillings, to the lady who had braided my hair.

Dare Okoudjou: Kenyan shillings, yeah.

Mayowa Kuyoro: And for me, it belies belief that I cannot directly take naira, which you know is what I earn in Nigeria, and directly make a payment to somebody in Kenya. So, can I ask you, what is stopping this vision of making payments as easy as making a phone call? What are maybe one or two big barriers that are stopping or making my payment experience, for example, so painful?

Dare Okoudjou: I’m sorry about that. It means we have not finished our work, right? It shows that we’re still failing you and many people across the continent. The good news, though, is if you were coming from Uganda, you would have been able to make that payment directly into an M-Pesa account, whether you were using MTN or Airtel.

That’s something that happens seamlessly today through the works of MFS Africa and our partners. And most people don’t even think about it anymore. And we received testimonials during the COVID-19 pandemic that it was actually critical.

People who found themself stranded in different countries, but having to support family or respond to an emergency in different countries, in East Africa in particular, have been able to use this seamless ability to send money from your Uganda phone to a Kenyan phone, or a Tanzanian phone, or a Rwanda phone.

Why it’s not possible between Nigeria and Kenya right now, I would say the number one is regulation. The visible sign of it is, well, that there is no clear approval. And the process of getting that approval, and to move money between those two currencies without going through the dollars, is quite cumbersome.

But the longer answer is the collective lack of trust, I would say, between our governments and the central banks. How will we do this without going through the dollars? Well, the Central Bank of Kenya and the Central Bank of Nigeria will have to be comfortable holding each other’s currency.

And for the Central Bank of Kenya to hold the naira, you have to trust the direction, the governance of Nigeria. I’m not going to comment on whether they should trust that or not, but the truth is it’s not happening, and vice versa

So we package this in long stories and laws and so on, but for me, that’s the crux of the matter. Our government or our leadership. When I say government, that’s the executive.

But I’m also putting in there the regulation and the legislation, all of that. To what extent do we trust each other, actually, beside the conferences, the AU Summits, the nice pictures, and the declaration that goes out there?

To what extent will the Central Bank of Ghana trust the Central Bank of Burundi to hold Burundi francs? And because that trust is not there, well, each of those banks revert to things that we trust. Usually it’s the dollars, the euro, the pound, and so on, which then means a lot of our transactions and our payments have to be settled through those things.

Now it doesn’t have to be like that. And I think there are steps that are being made by many people, including people like us at MFS Africa ... there is the initiative of PAPSS [Pan-African Payment and Settlement System] developed by Afreximbank and few other believers in the ecosystem that believe we can actually bridge this [lack of trust] by using a combination of technology, processes, and financing to force this to happen.

And the way we do it in East Africa is an example of how it can be, that it actually can happen. But we have to also be patient. People can trade with neighbors again. So, in East Africa, there is a little bit more comfort in trading with East African countries, moving money between the East African countries. So it would be simple.

You can see something similar with the francophone countries in West Africa, but that’s a bit easier because it’s the same currency. But the real irony is that the CFA in the West, the CFA Dakar as we call it, and the XCF, the CFA in Cameroon, the Yaoundé one, also cannot be crossed with one another. Now, talking about not trusting ... let me just rest my case there.

Mayowa Kuyoro: Thanks, Dare. I think a lot of the time when we talk about the trust factor, we talk about trust of the consumers in the formal financial system. I think this is a new dimension of thinking about trust and the place that it plays in helping us get a fully seamless digital payment system across the continent.

I’m going to switch gears a little bit and focus a bit on fundraising and valuation. There’s been a lot of noise. Actually, maybe noise is not the right word. But there’s been a lot of activity and almost an explosion around fundraising in the African tech ecosystem.

I think there was an article that said in the first 70 days, or first however many days of the year 2022, we’d already raised a billion dollars. It’ll be great to get your perspectives on how you think about fundraising. How should people evaluate companies on the continent? And maybe one or two things on what an investor should be thinking about as they’re assessing potential assets on the continent.

Dare Okoudjou: Yeah. It’s been absolutely great to watch the growth in fundraising across the continent and what it means for more teams to be able to grow. So I’m celebrating that, and I think it’s great. We just have to remember sometimes that we are coming from a low pace, so we shouldn’t stop here.

Yes, there’s a lot to celebrate at MFS Africa. Here’s a funny story. We set out to raise our B round in 2016, and our target was ten million. Can you imagine? And we celebrated because we were oversubscribed at 23 million.

Now we see a seed round of more than 23 million. So I think there is a lot of progress that’s happened, and we can only rejoice. But we should not stop here, at defining some sort of African best. We should try our best to remove the Africa part. We have to continue to compete at a global level.

And while we celebrated a lot of money coming into Africa last year, I think overall, someone said it was the same as [money coming into] Philadelphia in the US, just to keep things in perspective. So we have to continue. We have to continue.

What does it mean for the ecosystem at large? I think we will be able to produce or multiply more good people, good start-up people. And we talked about talent earlier. The problem we have—a company like MFS Africa, a company at this stage—is our pool.

When you’re looking for a chief commercial officer, who can take a company from where we are now to ten times our revenue, the pool is very small or nonexistent. You have to go to corporate, or you have to go outside of Africa.

What all this fundraising means is that we are going to get more people who will have done maybe three times from $10,000 in revenue up to a million dollars. And we start building more there, we start building in product managers and so on and so forth. So that’s good, and that’s going to be a net positive.

And five years from now, we’ll be able to build more as a result of what has happened or what is happening now. Your question about investors, I don’t know much more outside of tech, to be honest.

So if you are investing in a factory in manufacturing, please don’t take my advice. But tech is a little bit different. And in tech in general, and fintech in particular, there’s no limit really. It’s recombination.

At the end, it’s lines of code. And the possibilities are that you can recombine those lines of code so many times, in so many ways that teams that started building something may actually end up with something completely different. And that’s okay, or that should be okay. And I think investors should be prepared for that.

They’re probably too much still in the system of the impact aspect and hardly defined around some metrics that look relevant today. But as long as we’re investing in a start-up, we’re investing in a venture, we should be prepared for things to evolve, and there should be room for things to evolve.

So that would be my word for investors, that the earlier you’re investing, the more open you have to be about what the outcome can be, as long as you are betting more on the team than you are betting on anything else.

Then there is obviously the second reason why deals take so long: due diligence and the comfort that investors need to have with the information, that they’re seeing the story, and the ability to validate that information and some of the facts practically.

And we find in many ways that can be very costly and time-consuming, if you absolutely need to get to certainty. And it gets compounded when people are operating in multiple markets or nonobvious markets, as I call it.

And I think that’s, again, where I believe investors in the early stage on the continent have to show more courage and be OK in early stages with more uncertainty and blind spots, and be OK with correcting them as we go along.

The last thing is that I still believe the local investor will be the better investor in the long run. So it’s still much easier for someone in Monrovia to invest in businesses in Liberia. It’s so much harder for you, even from Johannesburg, to invest in a business in Liberia, let alone from Singapore or from San Francisco.

So the long play here is that we have to have a local investor, local funds. We’re seeing a lot of that in Nigeria, in particular. I think the Lagos scene, where founders themselves are investing and people from corporate are investing, is an example.

At the end, especially in the early stage, and I think in the long run, local investors will be better investors and need to take that first risk. And we need to see more and more of that happening.

So is that a skill that needs to be transferred from [foreign] investors, skills that are not on the African continent? Maybe. But it’s also a message to all the funders, all the people, the operators in the ecosystem, to start writing checks. We are better investors than any investors coming outside of Africa.

Mayowa Kuyoro: I’m smiling. And I know that the audience is not going to hear this because I completely agree with the take that it’s up to us Africans to build what we want. And we are probably better assessors of risk, better assessors of market potential, better contributors ...

… and in fact, when you think about growth as well. So we definitely need to see more hubs that look like Lagos, and so on and so forth. Dare, I’m going to ask you a question because we’ve alluded to it. and we’ve talked about it over the course of this discussion, which is people and talent.

You’ve mentioned it in so many different ways. And every time you mention it, I am actually smiling because you know as part of my day job, I serve what you would term the incumbent financial services institutions.

But this is a problem that cuts across the entire ecosystem—banks, telcos, fintechs—everybody is talking about the war for talent. And I don’t know if COVID-19 helped, because you can now get talent outside of the continent. Or if it didn’t help, because you now have talent on the continent working for companies that are not on the continent.

So how do you think about this talent question for the ecosystem? Do we have enough talent? How do we build a critical mass? Because at the end of the day, Africa is made up of young people primarily under the age of 30. How do we harness our demographic dividends to really help boost our technology ecosystem?

Dare Okoudjou: I can tell you this keeps me awake all the time, the talent question. And there was something that indeed happened during COVID-19, which made some of the market global, especially in tech. Especially software developers and engineers, who can just do their work from anywhere now.

And that’s great because it allows us to attract global talent into Africa. And I think places like Cape Town, Nairobi, and Dakar to some extent—nice places will benefit from that. And we might see something from those ecosystems soon because of that, because of their ability to attract global talent.

But it also works the other way, which is to expose African talent to global opportunities. And in tech, software development in particular, there is already a clear price arbitrage. It’s obvious. I was in Boston the other day. A kid out of MIT, with zero experience, makes $200,000. First job. A senior engineer in Lagos, who builds real stuff, makes $60,000.

So it’s just a matter of time. Information is global. The gap will have to close. Either you get paid more in Lagos, or the Lagos guy is going to work for the guys who are hiring the kids out of MIT. It’s that simple.

So now we can argue about it. We can look at it in a matter of weeks, months, but the trend is there. So we might as well get on with the program. That is actually something to be celebrated. And I know some of the funders, and sometimes me included, think, “Gee, how are we going to be able to pay for this?”

Well, we have to raise more money or sell more. That’s the only real way because you cannot stop the progress of people. So that, for me, are the two main things that COVID-19 really changed, the ability for some places in Africa to attract global talent and therefore, become global ecosystems. And the possibility for talent across the continent to bridge the pay gap with their global peers.

But beyond talent, one thing is to get the talent through the door with the attractive offer. Another thing is to keep the talent in the company. And as good as people are, they’re not really productive until they’re able to absorb [the company’s culture].

In MFS Africa, we talk about the rule of 90 percent: that you understand 90 percent of what’s going on around you. The context of the company, the mission of the company, how people behave around here, the culture of the company.

And once people get there and you cannot keep them there, you’re also losing a lot. And that’s not money, I’m pretty sure. It’s not how much you’re paying them. Paying them the salary will get them through the door.

And we foresee that if you’re not paying well, you’re not going to be able to keep them. But assuming you correct for salary disparities, there’s still a big element of how do you actually keep people motivated, and how OK it is also to let people go when they’re no longer at the right place?

And I think we’re still learning about that. We have a strong culture of loyalty across the continent, and I can only speak for MFS Africa that we have more than 30 different nationalities in the company.

And when you start something together like this and you grow through it, there’s this strong sense that someone leaving is almost like a betrayal. And if you were to terminate someone ... there’s a lot of trauma in that.

And we have to get better at doing that. We have to get better at really retaining people because before the competition was just between a few companies and versus someone who wanted to do start-up versus corporate. But now there’s so many options. The table has literally been turned for skilled workers.

And we must also remember that this is a relatively small group. If you look at Lagos overall, I know there’s a lot of noise on Twitter, but it’s still a small group. And that is not changing the truth about unemployment in Lagos or in Nigeria. And it’s not changing the unemployment in Johannesburg and in Nairobi and so on, and we must keep that in mind.

But for skilled workers, I think the war for talent is real, and it’s to their benefit. Their responsibility, especially the African workers, is to also make sure that whatever they’re doing, they’re adding value, and that they’re building, and they’re not being selfish about the life they’re living, that they’re actually putting that skill at the service of something worthy.

But for employers like us, like MFS Africa, and whether you are a start-up, earlier stage or later stage, you just have to understand that it is now a market, and that blind allegiance or that situation that allows us to have this amazing talent at a really, really low price, is over. We are going to have to adjust.

Mayowa Kuyoro: Literally, this was a conversation I had with one of my clients this afternoon. It’s quite interesting that despite two perspectives or two ways of looking at the problem, you’re coming to the same answer. So I think that this is something that we definitely have to keep our eyes on over the next couple of years.

Dare, the last question I’m going to ask you is, I would love for you to cast your mind into the future and think about what does the future for financial services in Africa look like from the perspective of now, where we have a lot of players in the system. I bucket them into the traditional incumbents, the banks.

You also then have the telco players, and then you’re increasingly having a lot of the disruptors and the fintechs in the space. In your mind, is it a winner-takes-all situation where one of those players will win?

Is it a room for everybody to play in, given the magnitude of the problem that we have? What kind of interaction and what kind of future do you envisage for African financial services over the next couple of years?

Dare Okoudjou: It’s a question that I ask myself often. Maybe I will nuance those groups a little bit, and then I will add another dimension to the way we look at it. So, the telcos, it’s unclear if we should still look at them as telcos or not.

Most of them are, I should say, on this journey to separate the fintech arm from the telco. That has some profound implications, like what, then, is competition? Does it mean that other fintechs have the same access to the telco infrastructure than Airtel Money will have under Airtel? And you should argue that.

We saw that in the unbundling of telecommunications, the local loop. When the incumbents separate these things, then there is an element of this actually being an opportunity for the whole industry—that if the fintech is separated from the telco, does the telco infrastructure become available to all the players, which could be interesting.

So that’s why I would not look at them as telcos, but I will nuance the fintech element of the telcos, and then I will throw in, what does that mean for all the players with a telco infrastructure?

Then we have to think about, are we talking about consumer financial services, or are we talking about businesses? And I think that distinction is also very different. The answer to that question has different implications.

I will argue that the consumer part might be really hard for the banks, as we know them, to keep. Something radical will have to change. And obviously when I’m saying banks, I’m generalizing. We might find situations in some countries where this does not play out.

But by and large, I think the ability to make your customer love you, which is something that you need in the consumer business, is going to be difficult for the banks as we know them today to achieve.

And that’s really what it is about in the consumer business: your consumer. Your customers have to love you. It doesn’t matter what you do, what you provide, if they don’t love you, they’re going to move.

And I just feel like the other groups that you mentioned are approaching it more from that point of view, and that they have more chances to succeed. And the banks have, for so long, really treated their customers like constituents. That’s the mentality, and even for the people who work in the bank, it will take such a shift.

And in that shift, banks could lose themselves, so I’m wondering if it’s even worth risking that. So for many banks, I would say the consumer part of the business is at risk. For sure. The business side is difficult, it’s different, I do think that. And many people are seeing that these fintechs still need a bank partner.

So I do think that the opportunity in the business segment is actually real, if the banks can look at it the right way, that every business needs a bank. And most of the attacks that we are seeing on banks is happening on the consumer side.

Now we start seeing it on the SME [small and medium-size enterprise] side, but I would argue that the jury is still very much out on whether the banks still have most of the resources, the assets, starting with the licenses that are required to [compete].

In the medium term, and probably in the long term, I will still bet on the banks, though they need some help, for sure. They need different types of people. They need a mentality shift, one that is real, not lip service that you come to conferences and you talk nice words. Real stuff needs to change.

And if that happens, I still think from a pure asset and resources point of view, they still have a leg up. So when I look into the future, I see a consumer market that is actually way more fragmented than we think.

I’m not convinced that the person who makes consumer laws or that consumer laws in Liberia will be the same that they’ll have in the Central African Republic. I’m not convinced about that. It’s possible, but I’m not convinced.

So as a result, we will see a lot more fragmentation in consumer financial services. I think champions will be local. But on the business side, I think there’s a real Pan-African opportunity. And I think despite what it looks like right now, I think the banks still have a leg up.

Kerry Naidoo: Thank you so much, Dare and Mayowa, for sharing your experiences and insights. And thanks to you, our listeners. We hope you enjoyed today’s episode of our McKinsey Africa podcast series. Look out for the next podcast.

In this series on Africa’s fintech industry, we’ll be bringing you perspectives from other fintech leaders on the investment opportunities and challenges, how fintechs are thinking about fundraising, and what’s in store on the traditional banking front when it comes to Africa’s fintech revolution. You won’t want to miss it.

If you’d like to learn more about this topic or view some of the recent reports, we encourage you to visit our insights page on We also encourage you to follow McKinsey Africa on LinkedIn and on Twitter by searching our handle @mckinseyafrica. Thanks again for listening, and we hope you can join us again soon.

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