Africa is the second-fastest-growing financial market and the largest user of mobile money transfer systems in today’s world. In 2021, startup companies doubled from $160 million in 2020 to $330 million in African Fintech.
As the middle-class Africans continue to experience expansions in the adoption of digital services, coupled with the underserved informal economy, it will also increase the demand for Fintech. Because many of the African Fintech startups operate only in their area of origin, it will be a long-term major challenge to integrate fast-growing and new startup networks in the continent.
The importance of the summit is to attract foreign investment into the growing financial technology sector (Fintech) in Africa, it will as well give leverage and prospects to entrepreneurial opportunities across the globe. Hence, the 6th African Fintech summit will hold in Cairo, Egypt today, 16th of November till 17th November, 2021.
The conference is expected to focus on bringing investments to major African Financial centers in Kenya, Nigeria, South Africa as well as itself. In the short while, fintech leaders may expand internet and cellular access in urban and especially rural areas in sub-Saharan Africa that lack access to banking and other formal financial services.
AFTS (African Fintech Summit) is a board is fintech pioneers where ideas are explored, collaborations formed and investments mobilized. AFTS meets twice a year to discuss Finance in technology and entrepreneurial opportunities in Washington D.C, every April during the spring meetings of the World Bank Group and every November in a different African city.
This year, Cairo will be the one to host the 2021 AFTS meeting, a powerful community of Fintech ecosystem that bridges the gap between the Northern and the sub-Saharan Africans.