The fintech industry in Africa is growing and has a lot of potential to increase financial inclusion. The continent’s financial-services market is projected to reach $230 billion in revenues by 2025 with an annual growth potential of 10%. Growth is being driven by the rapid expansion of the FinTech sector, increased investment from the private sector, and the development of new financial technologies such as mobile banking, digital payments and peer to peer lending.

Nigeria has a well-developed banking sector with a number of successful start-ups operating in the market. Kenya is a leader in the use of mobile money in Africa, with M-Pesa being a widely adopted platform for financial services. The South African financial sector is heavily regulated by the government with the aim of maintaining stability and public confidence in the nation's financial system. Ghana has experienced continued expansion of financial technologies and services positioning it for further growth. Senegal is creating a new credit registry system to help improve access to credit. Cote d'Ivoire has seen significant growth in recent years, with the banking sector experiencing a surge in deposits and lending.

There has been increased focus on digital banking, mobile payment systems, together with the development of blockchain. In terms of regulatory developments, many countries have introduced or are in the process of introducing new regulations and policies to support the development of the FinTech industry in Africa. Key players are now actively collaborating in forums to grow the industry. Examples are the Africa Financial Industry Summit was held in November 2022 and the African Financial Industry Barometer.