Embedded finance is reshaping fintech by enabling non-financial entities to offer services like lending and payments. In Africa and the Middle East, the industry has grown 45.3% annually, reaching US$10.3 billion, with projections to hit US$39.8 billion by 2029. This surge highlights a promising future, especially as over 400 million Africans lack access to digital financial services, making embedded finance vital for financial inclusion.
Key trends to watch in 2024:
Increased Mobile Penetration:
Higher mobile usage will make financial services more accessible via smartphones.
Fintech Innovations:
Startups will continue to lead with seamless, innovative solutions.
Sector-Specific Growth:
eCommerce, agriculture and transport will see significant advancements.
Regulatory Evolution:
Navigating diverse regulations will be crucial for growth and compliance.
Embedded finance is set to unlock unprecedented opportunities and revolutionise Africa’s financial landscape. Look forward to transformative innovations in 2024.
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