Financial Technology and Financial Inclusion in Africa

Hassan Hayatullah Boladale

Abstract


The paper determined the rate of penetration of specific Fintech Services in Nigeria, Kenya, Egypt, and South Africa; examined the influence of retail and micro, small, and medium enterprises (MSME) driven by Fintech on financial inclusion; investigated the role of wealth management by Fintech on financial inclusion; and analysed the impact of cross border payment facilitation by Fintech on financial inclusion in the study area. The paper adopted a quantitative research method, used secondary/panel data which were sourced from the World Bank Group Data on the Global Findex. Both descriptive and inferential statistics were deployed for the analyses. The results showed that Nigeria, Kenya, Egypt, and South Africa had a considerable rate of Fintech penetration, and this is reflecting in the large volume of their cross border payments. It is concluded that Fintech and Financial Inclusion is playing a strong role in cross border payment, wealth management, and there is more opportunity for MSMEs to make payment at anytime, anywhere, and any moment with the use of technology and this is believed to be financial inclusion.


Keywords


Fintech Services; Financial Inclusion; Wealth Management; Cross Border Payments; MSMEs

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DOI: http://dx.doi.org/10.3968/13043

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