Fintech in Africa: The end of the beginning

Africa’s financial technology (fintech) industry is coming of age. In the face of political and economic challenges and a global pandemic, fintech on the continent is booming. Between 2020 and 2021, the number of tech startups in Africa tripled to around 5,200 companies. Just under half of these are fintechs, which are making it their business to disrupt and augment traditional financial services. McKinsey analysis shows that African fintechs have already made significant inroads into the market, with estimated revenues of around $4 billion to 6 billion in 2020 and average penetration levels of between 3 and 5 percent (excluding South Africa). These figures are in line with global market leaders.