The “Finance in Africa” report indicated that the African fintech sector is booming. Indeed, the number of African companies providing innovative financial services increased from 450 in 2020 to 1,263 at the beginning of 2024.

Le Finance in Africa report mentions that the number of fintech companies in Africa has nearly tripled since 2020, significantly improving access to finance for individuals and businesses across the continent. According to the document, “Fintechs are fundamentally redefining the financial services landscape in Africa, with a wide variety of innovative financial services and products on offer, including with respect to mobile money, digital payments, money transfers, digital loans, digital loans, digital loans, buy now and pay later, insurance, and virtual assets.” Also, the report notes that “the traditional banking model is being challenged by mobile banking, online banking, mobile wallets, contactless services, and digital payments for money transfers via online platforms, mobile networks, and blockchain-based digital currency.”