Bitcoin News and Finance
Study: Africa Likely to Leapfrog Leading Fintech Regions if It Adopts New Technologies Skip to main content

Study: Africa Likely to Leapfrog Leading Fintech Regions if It Adopts New Technologies

Africa will likely leapfrog the top fintech regions if startups on the continent adopt new technologies, the Global Fintech 2023 report by the Boston Consulting Group and QED Investors has said. The report points to the African continent’s young population as well as the projected population growth of 1.2 billion more inhabitants by 2050.

Overcoming Africa’s Financial Exclusion Woes

According to the Global Fintech 2023 report by the Boston Consulting Group and QED Investors, Africa and the Middle East are likely to leapfrog established fintech centers if they adopt new technologies. The report also noted that while cash is “still king” in Africa, fintech startups are ideally positioned to solve the continent’s financial exclusion woes. By overcoming this, the fintechs will help make Africa one of the fastest-growing regions globally.

On how Africa is likely to achieve this feat, the report pointed to the continent’s projected population growth of 1.2 billion more inhabitants by 2050. The report also cited Africa’s position as the continent with the youngest population globally. Nigeria, Africa’s most populous nation, is identified in the report as one example of the countries on the continent whose demographic profile makes it an ideal candidate to propel the fintech market in Africa.

Smartphones Present Major Fintech Opportunities in Lending and Payments

In terms of the technology that is likely to anchor the continent’s expected growth, the report said smartphones — which are already the primary way African residents access financial services — bring significant fintech opportunities.

“Accordingly, most Africans’ first interaction with the financial services sector may be through their smartphones—presenting major fintech opportunities in payments and lending for regional champions with full-stack attacker models,” the report explained.

The report, however, acknowledged that telco fintech players have dominated the African fintech market. It added that these will likely retain their dominance even as more fintech startups switch to new technologies.

As shown by the report’s data, revenue earned by African fintech startups is expected to grow 13 times and top $50 billion by 2030, the fastest rate by any region. Latin America has the second-highest projected growth with 12.5x, while Asia-Pacific is projected to become the largest fintech market by 2030.

Register your email here to get a weekly update on African news sent to your inbox:

What are your thoughts on this story? Let us know what you think in the comments section below.

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory