Up until this year, Africa’s financial industry was one of the most dynamic in the world, with banking income growing by 11% per year on average, more than $800m raised by fintech firms in 2019, very high growth potential in banking and insurance, developing capital markets and two-thirds of mobile money transactions worldwide. The looming economic crisis has upended this rosy outlook somewhat, with the likely deterioration in portfolio quality expected to weigh on profitability, but the crisis is also ushering in new opportunities for the most agile and digitally ready operators. How should we rethink the development trajectory of African finance? How to capitalize on covid to boost digitalization, fintech and mobile money?
Source: The African Financial Industry Summit 2021