6th African Fintech Summit to commence in Cairo
Egypt is set to host the 6th Africa Fintech Summit today in Cairo.
The objective of the summit is to attract foreign investment into the burgeoning financial technology (fintech) sector in Africa and increase entrepreneurial opportunities across the continent. Africa is the world’s second-fastest growing financial market as well as the largest adopter of mobile money transfer systems. In 2021, investment in African fintech startups more than doubled, rising to $330 million from $160 million in 2020.
Expect the conference to focus on drawing investment into Africa’s major financial hubs in Nigeria, Kenya and South Africa. In the short-term, leaders in the fintech sector will likely seek to expand internet and cellular access, especially in rural areas in Sub-Saharan Africa lacking access to formal financial services including banking.
As Africa experiences an expanding middle-class, which continues to adopt digital services — in addition to an underbanked informal economy — demand for fintech will also rise as a result. Because many of Africa’s fintech firms operate solely in their country of origin, a major long-term challenge will be developing and integrating fast-growing startup networks across the continent. Expansive firms will likely look to the African Continental Free Trade Area to tap regional markets.
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