Rapidly growing population and Internet access boost sales
According to McKinsey & Co., as a rising, young, and low-income population acquires more internet access, African fintech sales might increase to $30.3 billion by 2025, eight times more than in 2022.
Growth in financial services revenue will increase to $230 billion.
90% of all transactions on the continent are still carried out in cash, and only about 2/3 of Africa’s 1.3 billion people have access to financial services. This presents potential opportunities for fintech firms.
The tale is just getting started, according to McKinsey, as “African fintech is emerging as a hotbed for investment, with average deal size rising and the share of fintech funding in Africa expanding over the previous year.”