Fintech Industry to contribute $150 billion to Sub Saharan Africa GDP by 2022

3 months ago
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Subsaharan Africa's Fintech industry's contribution to the economic output will rise from 40 billion to 150 billion by 2022, bloomberg reports.

This is according to Financial Sector Deepening Africa, a development-finance organization, which also details that the industry employs about 3 million people directly and indirectly in the region
  
“If you look at the value chain, most of that money is coming out of mobile-phone companies,” Osano said. “So from the other support services the contribution is not much, but is expected to increase as fintech develops to address the financial needs of people or making services more accessible.”  FSD Africa Financial Markets Director Evans Osano said at an interview

Many Fintech companies have popped up in the recent past in the region. Traditional banks have also joined the bandwagon by also having mobile apps and easy lending options allowing their customers to transact in the comfort of their homes, schools, workplaces and vehicles. This has been made easier by the rise of affordable and fast internet in the region.
 
Another contributor has been the increase in the use of smartphones.It's reported the smartphone penetration which was at 28% in 2016 is expected to have risen to 50% by 2020.

 
According to the latest edition of the GSMA’s Mobile Economy report series, More than half the population of Sub-Saharan Africa will be subscribed to a mobile service by 2025. The report forecasts that there will be 634 million unique mobile subscribers across Sub-Saharan Africa by 2025, equivalent to 52 per cent of the population, up from 444 million (44 per cent) at the end of last year. 

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