Telecom, media and tech news and events company, TMT Finance has predicted that financial transactions made via the internet or a mobile phone are expected to grow from US$200million in 2018 to a whopping US$3billionn by 2020.
This prediction, according to TMT Finance is based on the increasing demand for financial services via the Internet and the mobile phone. “The increasing demand for payment transaction and lending services are attracting investment from mobile operators, banks and international funds, all jostling to position themselves across the continent. These new initiatives also achieve inclusive goals set by international development finance institutions, which have been joining multiple fundraisings over the last twelve months,” said Joseph d’Arrast, EMEA Editor at TMT Finance.
Demand for services are also tipped to see a large uptick: financial transactions made via the internet or a mobile phone are expected to grow from US$200m at the moment with an eye watering US$3bn by 2020, according to a recent report by pan-African banking group Ecobank.
The key to this expected increase in the Fintech sector in Africa would be regulation, access to reliable and affordable internet and the development of blockchain, where d’Arrast expects B2B lending platforms and anti-fraud startups to attract more interest from investors.