3RD AFRICA CASHLESS PAYMENT SYSTEMS CONFERENCE 2023
THEME: BUILDING SAFER CASHLESS ECONOMY AND BUSINESS COMMUNITIES
VENUE: LANDMARK EVENT CENTRE, LAGOS, NIGERIA
DATE: NOVEMBER, 2023
AFRICA CASHLESS PAYMENT SYSTEMS CONFERENCE
For many decades, Africa had limited access to traditional financial services such as reliable financial technology, loans, insurance, and credit facilities.
However, the continent has recently begun to witness unprecedented growth in its Financial Technology sector (popularly known as Fintech). This growth may be attributable to the fact that many countries in Africa have been able to showcase their potential for economic growth, causing them to be attractive to foreign investors across the globe.
2021 was a record year for Fintech investment in Africa, and the momentum is only likely to increase. After the brief economic disruptions occasioned by the COVID-19 pandemic, the deals came back with massive foreign investment inflow. Available data show that over US $1.6bn were invested across 153 deals, two times the value of 2020 (US $800m) and representing a 50% increase in transaction numbers.
The key investment markets remain Nigeria & Ghana in the West, Kenya in the East, and South Africa in the South. Other countries such as Egypt have also seen some sizeable deals. In Nigeria, the value of deals in the first quarter of 2021 alone outstripped that of 2020. To raise such a quantum of finance from foreign sources is unprecedented in a period when other economies are witnessing very slow recovery from the pandemic.