Africa has had the pleasure of leapfrogging many legacy technologies and systems. You only need to look at the ubiquitous presence of smartphones that has penetrated far and wide compared to the legacy landline telephone technology.
Currently, Internet penetration across the continent is rapidly increasing and most users are surfing on their mobile devices. This development is opening avenues for Internet-based innovations that will about 60% of Africa’s unbanked population participate in the global financial economy.
By all means, the African FinTech scene has matured into a fast pace innovation environment over the past decade.
Ghana’s Fintech ecosystem is one of the most active in the Sub-Saharan region. Leading emerging markets financial services fund, Leapfrog Investments, has invested over $15 million in Ghana’s insurance sector since 2012, in various companies including insurance tech company, BIMA; and Ghana’s active Mobile Money user-base has more than doubled in the past year. The World Bank’s Consultative Group to Assist the Poor (CGAP) expects more positive progress to continue especially since new Mobile Money regulations were passed in July 2015 which have awakened policymakers of the critical role that Mobile …read more