Promoting Financial Technology Startups in Africa

Finance is identified as a means of implementation of the United Nations Sustainable Development Goals (SDGs), the Outcomes of Rio+20; and the Paris Agreement on Climate Change. It is also identified by the African Union as one of the means for realizing the Aspirations of the African Union Agenda 2063: “The Africa we Want”. Financial inclusion is necessary to ensure that finance fulfills its purpose, that economic growth performance is inclusive and sustained. Evidence suggests that Africa is lagging behind in this score. But new, emerging technologies and organizational setups such as financial technology (FinTech) may help to reduce financial exclusion on the continent.

This present policy brief is drawn from a recent study by the Economic Commission for Africa (ECA) on: “Emerging issues in ICT in Africa”. It summarizes the available evidence and provides some policy recommendations for consideration by African policymakers and decision makers.