By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Lifestyle UgandaLifestyle UgandaLifestyle Uganda
  • Home
  • News
    • International News & Politics
    • Education
    • Sports
    • Money & Finance
    • Mobile and Telecommunication
    News
    Get breaking news, music updates, and celebrity stories from Uganda and East Africa. Stay informed with Lifestyle Uganda—your insider source for real-time industry updates.
    Show More
    Top News
    Lycamobile Uganda data bundles and voice (1)
    Lycamobile Uganda: 4 Most Frequently Asked Questions & Answers
    4th April 2025
    Who is John Blaq: Biography, Profile and Life Story of Kashada John
    Who is John Blaq: Biography, Profile and Life Story of Kashada John
    5th October 2023
    Maro, Maurice Kirya Help German singer Mark Forster Cross Over With “Chip In”
    17th November 2018
    Latest News
    ‘Peace be with you’: Pope Leo XIV greets the world after historic election
    9th May 2025
    Millions to renew expired national IDs as Uganda begins mass exercise
    6th May 2025
    Ugandan Scientist Dr Matthias Magoola Honoured with African Excellence Award
    5th May 2025
    Francis Nyende appointed Marketing Manager at Uganda Tourism Board
    5th May 2025
  • Business
  • Entertainment
    • Music
    • Celebrity
    • Biography
    • Lifestyle
      • Fitness
      • Pop Culture
      • Travel/Culture
    Entertainment
    Stay up-to-date with Lifestyle Uganda Entertainment—the latest news, celebrity gossip, films, and TV shows from Uganda, Nigeria, Kenya, and South Africa.
    Show More
    Top News
    Lycamobile Uganda data bundles and voice (1)
    Lycamobile Uganda: 4 Most Frequently Asked Questions & Answers
    4th April 2025
    Who is John Blaq: Biography, Profile and Life Story of Kashada John
    Who is John Blaq: Biography, Profile and Life Story of Kashada John
    5th October 2023
    The Short-Story of How Pia Pounds Got Famous Will Make You Love Her Even More
    14th April 2025
    Latest News
    Media Personality Alfa Timez Joins Next Media After Three Years at Galaxy FM
    8th May 2025
    Robin Kisti video sparks questions after apparent arrest in Kampala
    8th May 2025
    Shazam Launches Viral Charts to Track the World’s Fastest-Rising Songs
    7th May 2025
    Dax Vibez expecting third child as concert preparations gather pace
    6th May 2025
  • Fashion
    • Beauty Trends
    • Accessories
    • Hair
    • Lipstick
    • Makeup
    • Skincare
    FashionShow More
    African designers to feature at top fashion weeks in Paris and Tokyo.
    African Designers to Take Global Stage with Afreximbank-Backed Fashion Showcases in Paris and Tokyo
    7th May 2025
    Dax Vibez lands fashion deal ahead of debut concert
    Joystar Fashion Partners with Dax Vibez in Boost for Kampala Star’s First Headline Show
    23rd April 2025
    Monochrome, but Never Mundane: How Judith Heard Makes Minimalism Feel Majestic
    19th April 2025
    Sheilah Gashumba’s Bold Twist on Schoolgirl Style Is a Lesson in Confidence
    17th April 2025
    Judith Heard Celebrates Birthday After Honoring Twin Daughters’ Milestone
    14th March 2025
  • Health & Living
  • Tips & Advice
Search
© 2023 Lifestyle Uganda. All Rights Reserved.
Reading: How fintech is making Africa a leading global Innovation Hub
Share
Sign In
Notification Show More
Font ResizerAa
Lifestyle UgandaLifestyle Uganda
Font ResizerAa
  • Home
  • News
  • Business
  • Entertainment
  • Health & Living
Search
  • Home
  • News
    • International News & Politics
    • Education
    • Sports
    • Money & Finance
    • Mobile and Telecommunication
  • Business
  • Entertainment
    • Music
    • Celebrity
    • Biography
    • Lifestyle
  • Fashion
    • Beauty Trends
    • Accessories
    • Hair
    • Lipstick
    • Makeup
    • Skincare
  • Health & Living
  • Tips & Advice
Have an existing account? Sign In
Follow US
© 2023 Lifestyle Uganda. A Now & Entertainment Media Company. All Rights Reserved.
Lifestyle Uganda > Blog > Business > How fintech is making Africa a leading global Innovation Hub
BusinessNews

How fintech is making Africa a leading global Innovation Hub

Josephine Wawira
Last updated: 24th January 2020 9:00 am
By
Josephine Wawira
ByJosephine Wawira
A Communications Officer at Sustainable Inclusive Business Kenya, with over 6 years of progressive writing and broadcast experience. Mobile: +254 710374677 / +254 784130225
Follow:
Share
6 Min Read
Image-by-i_am_zews fintech in Africa (1)
South Africa, Kenya & Nigeria are fueling fintech in Africa. Photo/i_am_zews
SHARE

In Africa, the fintech industry delivers more than just improved banking services

Image-by-i_am_zews fintech in Africa (1)
South Africa, Kenya & Nigeria are fueling fintech in Africa. Photo/i_am_zews

In a continent where over 60% of the adult population is unbanked and the financial sector is considerably underdeveloped, fintech has been a welcomed revolution that is seen to be boosting financial infrastructure in Africa. 

With a growing population, an increasing rate of mobile and internet penetration, combined with a substantial need for financial inclusion, Africa is fecund ground for the growth of fintech and tech giants.

There exist endless possibilities, as entrepreneurs seek to use technological advancements to create a range of more reliable and customer friendly solutions to real-world problems.

A sizeable number of fintech startups in Africa are closing existing gaps in various industries including healthcare, agriculture, transportation, e-commerce, and mobile money services.

- Advertisement -

Delivering more than just improved banking services

In Africa, the fintech industry delivers more than just improved banking services. For instance, its high reliance on innovation has also created new job opportunities, especially for young talent. 

Furthermore, financial technology is also facilitating the growth of mobile payments, from accelerating e-commerce to credit lending, factors that have enabled the growth of small and medium enterprises across Africa. 

A case in point is Africa’s leading e-commerce platform Jumia, whose in-house payment solution JumiaPay has been reported as the company’s fastest-growing category, accounting for over 30% of all the online platform’s transactions.

The service has partnered extensively with different financial institutions like Mastercard and various local banks, intending to accelerate the adoption of electronic payment platforms among consumers and merchants; and to fast-track financial inclusion in Africa. 

JumiaPay finetech in africa (1)
How fintech is making Africa a leading global Innovation Hub. Photo/Jumia Pay

JumiaPay also provides Jumia Lending, a service that gives quick and affordable short-term working capital financing for Jumia sellers seeking to expand and grow their online businesses.

- Advertisement -

In a recent interview with Reuters in Lagos Nigeria, co-founder/co-CEO Jeremy Hodara noted that

“as a key part of the company’s growth plan in 2020, Jumia is interested in making its Pay platform and its logistics network available to third-parties, even those not selling on its e-commerce platform”. He further told Reuters that “Jumia is an e-commerce ecosystem, with a strong marketplace and very strong logistics and payment platforms, that complement each other.” 

Jumia Pay

This, being a single pick from among tens of other fintech players in the continent, all contributing to the growth and development of the African economy. 

On this basis, it is coherent that startups in the fintech sector have raised significant capital in the last few years, as compared to other sectors. In 2019 for instance, fintech topped African tech sub-sectors with most VC (Venture Capital) investments, with a record of $285 Million. 

- Advertisement -

The Global Fintech Index 2020, published by a fintech research firm, Findexable, shows that 60% of the global GDP will be digitized by 2022, with growth in every industry driven by digitally-enhanced offerings, operations, and relationships.

The report further notes that progressive, digital-first financial services are the key to

“offer the best chance to drive global trade in 2020, improve access to financial services, and open opportunities – for marginalized citizens, poorer communities and small businesses and entrepreneurs alike”. 

South Africa, Kenya & Nigeria are fueling fintech in Africa

The number of fintech in Sub-Saharan Africa has recorded a 24% Compound Annual Growth Rate (CAGR) over the past decade, with local fintech companies taking up the larger share of the sector at 80%, while international players at account for 20% according to Ernst & Young. 

South Africa, Kenya, and Nigeria are fueling fintech in Africa, and 2020 is no exception.

The countries are ranked 37th, 42nd, and 52nd respectively in the Global Fintech Ranking by Findexable, followed by Ghana, Egypt and Uganda in positions 58, 60, and 64 respectively.

Digital banks, Cryptocurrency, SME financing, payments, enabling processes & technology, banking & lending, remittances, personal finance, and equity funding have been identified as some of the fintech strengths in these countries. 

There is a significantly impressive push to grow the fintech industry in Africa in 2020 and beyond, both from the private sector and governments.

For instance, the Africa Fintech Network (AFN) is expected to greatly contribute to making Africa a leading global Innovation Hub in 2020 and beyond, among others by promoting the region as a preferred investment destination. 

BET Awards 2020: All Nominees and Winners of Major Categories
2021 MAMA Awards Kampala Postponed Until Further Notice
YouTube Has Now Introduced YouTube Shorts, a Tiktok Rival
Couture Africa Style Awards 2021 Winners: From Azziad, Koinange, Kenzo to Bobi Wine
U.S. Embassy Cancels Plan to Observe Uganda’s Presidential Election
TAGGED:fintech Africa Innovation Hubfintech in Africafintech in Sub-Saharan Africafintech industry in Africafintech industry in Africa 2020fintech startups in Africafueling fintech in Africa

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook Whatsapp Whatsapp Reddit Email Copy Link
Share
ByJosephine Wawira
Follow:
A Communications Officer at Sustainable Inclusive Business Kenya, with over 6 years of progressive writing and broadcast experience. Mobile: +254 710374677 / +254 784130225
Previous Article how old is Winnie-Nwagi Who is Winnie Nwagi: 5 Questions Uganda is asking about Nakanwagi
Next Article Quiin Abenakyo on Instagram 2020 (1) Quiin Abenakyo on Instagram: 8 Best looks and most inspirational quotes about life

Stay Connected

45.2kFollowersLike
5.1kFollowersFollow
213FollowersPin
35.6kFollowersFollow
11kSubscribersSubscribe
400FollowersFollow
- Advertisement -

Latest News

American cardinal Robert Prevost elected Pope Leo XIV.
‘Peace be with you’: Pope Leo XIV greets the world after historic election
International News & Politics News
9th May 2025
Microsoft Africa Chief Urges Continent to Seize ‘AI Moment’.
Microsoft’s Catherine Muraga Calls on Africa to Lead, Not Follow, in AI Revolution
Technology & Science
9th May 2025
Wendi mobile wallet hits one million users.
Wendi Mobile Wallet Surpasses One Million Users as PostBank Pushes for Greater Financial Inclusion
Business
8th May 2025
David Wandera appointed as new Managing Director of Absa Bank Uganda.
David Wandera appointed as Absa Bank Uganda’s first Ugandan Managing Director
Business
8th May 2025
//

At Lifestyle Uganda, we inform, entertain, and inspire action through the content we create — empowering you to live a celebrity life.

Quick Link

  • Home
  • News
  • Business
  • Entertainment
  • Health & Living

Top Categories

  • About Us
  • Send a Tip
  • Terms of Use
  • Privacy Policy
  • Contact

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

I have read and agree to the terms & conditions
Lifestyle UgandaLifestyle Uganda
Follow US
© 2025 Lifestyle Uganda. A Now & Entertainment Media Company. All Rights Reserved.
Join Us!
Subscribe to our newsletter and never miss our latest news, podcasts etc..
I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?

Not a member? Sign Up