Home Technology Fintech McKinsey sees Africa fintech sales surging eightfold by 2025 Financial services revenues in Ghana and francophone West Africa will enjoy the fastest growth, with Nigeria and Egypt the next quickest by Bloomberg August 30, 2022 Africa’s financial-technology company revenue may soar to $30.3bn by 2025 – eight times higher than in 2020 – as a growing, young and under-banked population gets more access to internet, McKinsey & Co, said. The anticipated increase is part of a rapid expansion in financial services income that’s expected to grow to $230bn from $150bn over the same period, the consulting company said in a research report published Tuesday. About two-thirds of Africa’s 1.3 billion people don’t have a bank account or full access to financial services, and 90 per cent of all transactions on the continent are still cash-based, according to the report. That creates a growth opportunity for fintech companies. “African fintech is emerging as a hotbed for investment, with average deal sizes growing and the proportion of fintech funding in Africa increasing over the past year, bringing jobs and growth to African economies,” McKinsey said. “And the story is only just beginning.” Financial services revenues in Ghana and francophone West Africa will enjoy the fastest growth, with Nigeria and Egypt the next quickest, it said. Read: Teen-focused fintech startup Zywa raises $3m seed round Tags Africa Fintech McKinsey Technology 0 Comments You might also like UAE consumers worried about application failure during holiday season: Report Oracle targets training 50,000 Saudis in AI, latest tech BNPL startup Tamara now valued at $1bn after raising $340m Abu Dhabi launches free Hala Wi-Fi across emirate