FinTech in Africa: Vision 2030

A report by McKinsey highlights that Africa’s fintech landscape has undergone a remarkable transformation in recent years, characterized by rapid growth and innovation. Despite significant headwinds, the market remains one of the most dynamic and promising in the world, with notable optimism among fintech leaders and investors. The African financial services sector, which includes both traditional financial services and fintechs, continues to show strong growth, maintaining an average annual revenue growth of 8 percent from 2018 to 2023, with growth expected to accelerate to nearly 10 percent per year between 2023 and 2028. Africa’s favourable demographics—the continent is home to the fastest-growing population on the planet—coupled with increasing digital adoption continue to be key enablers of future expansion. Growth is also being fuelled by deepening mobile money penetration, with mobile subscriber penetration projected to reach 49 percent by 2030. McKinsey further suggests that fintech revenues could reach up to $47 billion by 2028, representing about a five-fold increase from its value of $10 billion in 2023.

Mauritius as a well-regulated, sophisticated and trusted jurisdiction is well positioned as the leading International Financial Centre in the region and offer a conducive business environment for Fintech start-ups that are looking at contributing to Africa’s financial landscape.