The Sub-Sahara African FinTech Industry on a radical Growth Trajectory
By Rolex Owino
The Sub-Sahara African (SSA) region will remain the world’s fastest-growing adopter of mobile technology, over the coming years. This key development is driven by a heightened growth of millennial consumers, according to a new GSMA study.
The study reveals that more than 160 million new unique mobile subscribers will be added across the region by 2025. This outlook enumerates the total to about 623 million subscribers, representing around half of the region’s population, up from 456 million (44%) in 2018.
Subscriber additions will be concentrated in high-growth markets such as Nigeria and Ethiopia – the report unveils.
A new generation of youthful ‘digital natives’ across Sub-Saharan Africa are set to fuel customer growth and drive adoption of new mobile services that are empowering lives and transforming businesses, said Goodluck Akinwale, Head of Sub-Saharan Africa, GSMA.
With mobile technology at the heart of Sub-Saharan Africa’s digital journey, it is essential for policymakers in the region to implement policies and best practices that ensure sustainable growth in the mobile industry, and enable the transition to next-generation mobile networks, Mr. Akinwale further added.
The study confers that the mobile ecosystem across Sub-Saharan Africa generated almost $150 billion in revenue, last year (2018), a figure that is equivalent to about 8.6% of the region’s GDP.
It is further forecasted that the industry will generate almost $185 billion (9.1% of regional GDP), by 2023.
Source: ASV & TheNewTimes