African Fintech refers to the use of technology to provide financial services specifically in the African continent. It encompasses a wide variety of services and innovations within the financial sector, including mobile payments, online banking, peer-to-peer lending, digital currencies, and blockchain applications. The African fintech landscape is characterized by its efforts to improve financial inclusion, enabling individuals and businesses, particularly those who are unbanked or underbanked, to access financial services. Given the continent’s diverse economic conditions and a high prevalence of mobile phone usage, fintech solutions in Africa often leverage mobile technology to deliver services efficiently. This sector has experienced rapid growth in recent years, driven by the increasing demand for more accessible and efficient financial products, investment from both local and international stakeholders, and supportive regulatory frameworks in various countries. African fintech aims to address specific challenges such as high transaction costs, lack of infrastructure, and limited access to traditional banking services, thereby facilitating economic growth and development across the region.
Major Developments in Nigeria's Financial Landscape Visa has officially entered the Nigerian fintech scene by investing in Moniepoint, a platform dedicated to business banking and payments. This strategic move aims…