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The digital evolution in Africa promises growth, innovation, job creation and access to services. In this episode, Crystal Orderson discusses Africa’s digital progression, with emphasis on the transformative power of fintech across the continent.
RMB Africa Focus Series S2: E6 | Africa's Digital Evolution
What was discussed
Crystal Orderson unpacks the digital progress that Africa has made and the impact of FinTech across the continent.
With technology evolving at an eyewatering pace, it’s difficult to imagine a world where we’re not using devices and applications to get through our daily lives. The need to stay connected via the internet was amplified by COVID-19 restrictions, and as a result, many digital alternatives have risen, making some of life’s tasks a lot simpler.
One of these digital conveniences comes in the form of financial technology (FinTech). Whether it’s mobile banking, payments or investments, the various methods by which we can manage our money digitally have risen in popularity throughout Africa. FinTech has unlocked many pathways for growth on the continent, but is it evolving as quickly as we need it to?
Orderson mentions how mobile money has become a critical service for millions of people in Africa, with global money transactions reaching nearly US$1.3 trillion in 2022, and Africa accounting for 66% of this amount.
Also in 2022, the amount of registered mobile money users came to 1.6 billion, with 781 million being from Africa, according to the GSM Association's State of the Industry Report on Mobile Money 2023.
One of Africa’s standout mobile money apps, M-Pesa has over 40 million active users and is currently dominating the market. Although the app originated in Kenya, it eventually expanded to Tanzania, Ghana and more countries in Africa.
“M-Pesa has really changed the game for ordinary consumers.”
Crystal Orderson
While digital technology steadily blossoms across the continent, digital connectivity in Africa still needs long-term investment to compete at a global scale, according to research by RMB. There are still millions of people in Africa who have yet to be connected to the internet.
This challenge motivated RMB to bring together some of Africa’s tech leaders from formidable companies such as Google, Meta and Liquid Intelligent Technologies to facilitate better digital connectivity.