Sub-Saharan Africa could be fintech hub – IMF author
Wider adoption of mobile banking provides platform for further developments, says Amadou Sy
The wider adoption of mobile banking services in sub-Saharan Africa offers the continent an opportunity to develop new innovations in finance, says Amadou Sy, adviser at the International Monetary Fund.
In the region, transactions through mobile money are close to 10% of GDP, in comparison to 7% in Asia and less than 2% in other high-income regions.
This higher adoption of mobile banking derives from the historically insufficient development of more traditional forms of banking, says Sy. While
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