FinTech in Sub-Saharan African Countries: A Game Changer?

Author: Mr. Amadou N Sy, Mr. Rodolfo Maino, Mr. Alexander Massara, Hector Perez-Saiz, and Preya Sharma

FinTech is a major force shaping the structure of the financial industry in sub-Saharan Africa.

Volume/Issue: Volume 2019 Issue 004

Publication date: February 2019

ISBN: 9781484385661

$20.00

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Topics covered in this book

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Banks and Banking , Inventions , DPPP , DP , money transfer operator , market structure , monetary policy , sub-Saharan Africa country , account penetration , agents in sub-Saharan Africa , anchors inflation , market share , money multiplier , payment system provider , technical efficiency , trade-offs FinTech , Mobile banking , Fintech , Blockchain and DLT , Sub-Saharan Africa , East Africa , Africa , Global , sub-Saharan Africa relative , FinTech in Sub-Saharan Africa , benefits of FinTech , IMF Library , efficiency gain , Technological innovation

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Summary

FinTech is a major force shaping the structure of the financial industry in sub-Saharan Africa. New technologies are being developed and implemented in sub-Saharan Africa with the potential to change the competitive landscape in the financial industry. While it raises concerns on the emergence of vulnerabilities, FinTech challenges traditional structures and creates efficiency gains by opening up the financial services value chain. Today, FinTech is emerging as a technological enabler in the region, improving financial inclusion and serving as a catalyst for the emergence of innovations in other sectors, such as agriculture and infrastructure.