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Africa to experience fintech boom worth billions by 2020

Africa will experience a financial technology revolution, and can expect its fintech industry to be worth more than $3 billion by 2020. That’s according to research published by pan-African banking group Ecobank.

57.6% of the world’s 174 million active registered mobile money accounts are located in Sub-Saharan African. The bank uses Rwanda as a case study, in which the number of digital transactions rose by 11% in the first half of 2017.

The country has also experienced a 26% growth in transaction volume in 2016/17 – an increase of a third in value. Point of sale transactions in the country also experienced a surge, doubling to volume from 270,000 to 523,000.

“Digital technology is central. Technology offers great opportunities to open up new markets, increase choice and speed delivery of services,” said Nshuti Lucy Mbabazi, assistant vice-president of the push payments division at Ecobank.

Related: South Africa experiences rise in crypto trading

Speaking at the Africa Tech Summit, Mbabazi added: “Going digital provides not just better services and connectivity, but enables banks and businesses to unlock productivity and play a role in development.”

Fintech is certainly flourishing in terms of annual salary. Data from the Digital Frontiers Initiative (DFI), reported by Africa Business Daily, found that executives and senior managers working for Kenyan fintech companies earn an average annual salary of $238,509 and $137,303 respectively.

Nigeria, which has the next-highest levels of compensation, pays an average base salary of $213,731. Tanzania and South Africa follow close behind, with average salaries of $177,947 and $152,806.

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