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5 FinTech innovators diversifying Africa’s digital finance

By Gloria Methri

July 03, 2024

  • Africa
  • Branch App
  • Carbon

Digital Banking, Mobile Banking, Financial Inclusion, Digital Lending, FinTech, AfricaAfrica’s digital finance landscape is rapidly evolving, driven by a wave of innovative FinTech companies transforming how financial services are accessed and utilized. With over 400 million people still unbanked, FinTechs are stepping in to bridge the gap, offering solutions from mobile money to digital lending.

The FinTech ecosystem is projected to grow at a compound annual growth rate (CAGR) of 32% from 2022 to 2028, highlighting the region’s increasing embrace of digital solutions.

Countries like Nigeria, Kenya, and South Africa are leading the charge, hosting some of the most promising startups.

Here are some of the standout FinTech companies making a significant impact in Africa’s digital finance space.

Branch is a mobile lending app from Nigeria that has gained considerable traction due to its innovative approach to financial inclusion. Launched by Branch International, the app is designed to provide quick and easy access to loans for individuals and small businesses who may not have access to traditional banking services.

The platform offers a range of loan amounts and flexible repayment terms, allowing users to choose options that best suit their financial needs and repayment capabilities. The app utilizes advanced algorithms and machine learning to assess loan applications quickly, often providing approval within minutes.

Chipper Cash is a FinTech company that provides a mobile-based, peer-to-peer payment service across multiple African countries. Founded in 2018 by Ham Serunjogi and Maijid Moujaled, the company facilitates seamless and affordable cross-border payments across multiple African countries.

In 2018, Chipper introduced fee-free transfers for personal payments—providing a frictionless way to send and receive money cross-border and enabling financial inclusivity across the continent. Since then, Chipper has increased its product suite by offering personal investment products and business solutions and expanded its reach into the US.

Luno is a prominent global cryptocurrency exchange and wallet provider that focuses on making cryptocurrencies like Bitcoin and Ethereum accessible to users around the world. It offers a simple and intuitive platform that caters to both beginners and experienced cryptocurrency traders.

The platform provides instant buy and sell options, allowing users to convert their fiat currency to cryptocurrency and vice versa quickly. Founded in 2013 by Marcus Swanepoel and Timothy Stranex, Luno is headquartered in London but has a strong presence in various regions, particularly in emerging markets.

Founded in 2011, MyBucks is a FinTech company focused on enhancing financial inclusion in emerging markets, primarily in Africa. It offers digital financial services including loans, savings, investments, insurance, and mobile banking, leveraging advanced technologies like AI and machine learning for efficient operations.

MyBucks aims to provide accessible, affordable, and innovative financial products to underserved populations, contributing to economic empowerment and financial literacy. The company started its operations in South Africa and is now active in 11 markets in the continent, as well as Luxembourg and Australia.

OneFi (now Carbon) is a Nigerian FinTech that focuses on providing financial services to underserved populations in Africa through its digital platform. Founded in 2012, the company aims to enhance financial inclusion by offering quick and convenient access to credit, digital banking services, and financial literacy tools.

Its primary product, the Carbon app, offers a range of services, including personal loans, investment opportunities, bill payments, and peer-to-peer money transfers. Leveraging data analytics and machine learning, OneFi ensures efficient credit scoring and personalized financial solutions.

Also read: Global FinTech Use Cases Report 2021

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