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Financial services incumbents and venture capitalists are taking center stage in bolstering Africa's burgeoning FinTech sector, yet startups are advocating for more regulatory support to facilitate smoother scaling processes.
Podcast Series Spotlights Fintech Innovation
Disrupt Africa recently collaborated with AZA Finance, Revio, EMURGO Middle East & Africa, and MoneyHash to launch a two-part podcast series exploring Africa's FinTech landscape.
The series delves into the innovations driving the sector, the hurdles startups are surmounting, and the robust support and funding ecosystem propelling FinTech's expansion across the continent.
Since the inception of M-Pesa to the present day, African FinTech has prioritized enhancing accessibility to essential financial services.
According to Disrupt Africa, with the fundamental infrastructure now in place, there is ample opportunity for substantial innovation in various sectors.
This innovation is pivotal as financial exclusion remains prevalent. Over 350 million adults in Sub-Saharan Africa lack access to bank accounts, resulting in significant socio-economic implications.
Navigating Partnerships and Regulatory Fragmentation
Elizabeth Rossiello, co-founder and CEO of AZA Finance, emphasizes the pivotal role of African banks in the financial landscape. She highlights the potential for collaboration between banks and FinTech startups, noting that FinTechs are unencumbered by legacy technology.
Ahmed Amer, co-CEO at EMURGO Middle East and Africa, echoes the sentiment, underscoring the shift towards collaborative efforts between banks and FinTech entities.
According to Itweb, scaling FinTech on the continent faces challenges, including fragmentation within the payments ecosystem and disparate regulatory frameworks across African countries. These regulatory disparities impede the seamless expansion of FinTech solutions and services.
Funding Landscape and Investment Outlook
Despite the challenges, FinTech remains a magnet for investors, dominating the continent's funding landscape. Since 2015, 540 FinTech startups from 25 countries have raised an impressive $3.6 billion in funding. However, Elizabeth Rossiello cautions against relying solely on headline-grabbing outliers, emphasizing the need for sustained investment to propel the sector's growth and innovation.
Photo: Bruce Mars/Unsplash
