– but we need to stop thinking about formalising them and instead provide further fintech solutions that bridge information gaps and meet their credit needs.SMEs, including micro traders and micro-SMEs, are the engine of Africa’s economy. They make up 90% of the total number of registered businesses and employ 80% of working Africans.
This is truly the glaring opportunity for Fintech in Africa. And particularly because there has already been so much fintech success in sub-Saharan Africa. Many of these account holders are women traders in the fast-moving consumer goods and agricultural sectors who have converted from cash payment systems to the more efficient and safer model of mobile money.
Fintechs now make up approximately 85% of retail cross-border payments in sub-Saharan Africa, with traditional banks only facilitating 15% of these flows. This has laid the groundwork for further opportunity for SMEs.
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