Africa is onset to establish itself as a promised land of opportunities. The continent is witnessing a new dawn, one which is motivated by advancements in the technology sector. Gone are the days when it was known just for its abundant natural resources. Africa has the youngest population in the world, with 40% of the inhabitants under the age of 15, and 70% in sub–Saharan Africa under the age of 30. The youth dominated and millennial driven demographic makes it the ideal location for technology, specifically Fintech investments. 

Africa witnessed a 300% growth rate in investments in finance technology in the last 4 years, with the sum amounting to more than 2 billion USD. The huge underbanked adult population of around 42% has the been one of the key enablers for world majors as well as start-ups to invest in Africa. Of the total 287 investment in 2021 in fintech sector in Africa, payments & remittance, marketplace lending and wealth tech segments represented 60%. Despite of a motivating environment and market trends, the lack of internet connectivity is still a major concern. Though this may be seen as major challenge, but it has benefited telecom companies that have establish themselves as mobile money transaction facilitators in Zambia, Tanzania, Kenya, Ivory Coast et al.  The need of the hour for the growth of finance and technology sector in Africa is to bridge the gaps that exist between technological developments and its large-scale implementation

Finbraine, an organization that amalgamates AI technology with industrial trends can be a suitable answer to all these issues. The safe, secure, intelligent, and flexible solution offerings by FinBraine will not only add value to the developing sector in Africa but also provide ease of operations to its consumers. IDBraine, the AI based EKYC solution by Finbraine, that offers both biometric and in-app KYC paired alongside information extraction and identification will ease the process of on-boarding new clients for banks as well as start-ups. Simultaneously, the user friendliness of the application shall add to client benefits. Apart from this, FinBraine’s other solution and products shall find the right place in the expanding ecosystem. CredBraine, an AI based lending platform will help banks, telecoms, wallet service providers, and consumer lenders improve credit quality and acceptance rates. The dependable all round IT consulting services offered by FinBraine would allow the consumers to identify shortcomings and improve to provide the end users with the best experience.

Alternate Headlines: 

• Trends that are accelerating the growth of Fintech in Africa 
• Growing fintech culture & tech diaspora in Africa.
• Fintech trends – an African outlook. What’s the need of the hour?
• Why is Africa the upcoming preference for fintech investments?

LinkedIn Write Up:

What’s making Africa’s great momentum in Fintech space come momentary?

With about 40% of its total 5 billion investment (dedicated to tech start-ups) going to fintech sector in 2021, Africa was set to soar high in wide world of finance and tech market. But as much as the booming market had to offer, the tech implementation still falls short of it. 

Finbraine analyse this shortcomings and offers a strategic solution through its AI based IT products. Ramping the gaps in the wants and needs of banks, telecom companies, mobile wallet firms, other fintech organization and more, Finbraine makes it fast, easy, secure, and customizable, just how it should be.