Report predicts Fintech revenues at $30b by 2025

• Published date: 17 January 2023
• Publication title: Nigeria - The Nation

Report by McKinsey and Company, says that Fintech revenue will hit $30 billion by 2025.

It explained that as the fastest-growing start-up industry in Africa, African fintech raised over $13 billion in 2021 alone, the success of fintech companies is being fueled by several trends, including increasing smartphone ownership, declining internet costs, expanded network coverage, and a young, fast-growing, and rapidly urbanizing population.

It said African fintech has a significant impact on day-to-day life on the continent and with its current upward trend it can be perfectly poised to rapidly advance Africa's global competitiveness with an increase in the exporting of fintech services globally.

These fertile grounds do have challenges. Regulatory uncertainties and differences between countries are a bottleneck, throttling the expansion of financial inclusion in Africa. This has led to the continent's fintech's calling for a Pan-African regulatory body to define comprehensive regulatory policies for regions rather than countries.

Certain governments and the private business sector continuously work on providing regulatory policy frameworks for businesses, customers, and economies with the current focus on regulations - digital-only banks and fintech are influenced by but...