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The Evolution and Scope of FinTech in Africa

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  • David Mhlanga

    (University of South Africa)

Abstract

Financial technology (FinTech) is steadily reshaping the financial landscape in Africa, creating new opportunities to extend services to populations that have long been excluded from formal banking systems. This paper reflects on the evolution and scope of FinTech across the continent, with particular attention to the role of mobile technologies, digital platforms, and alternative data in expanding access to payments, savings, and credit. Although these developments have made financial services more accessible and affordable, they have also brought new challenges, particularly around how data is used, how algorithms make decisions, and the growing influence of a few dominant players. Drawing on a conceptual framework, the paper highlights the importance of institutional and regulatory environments in shaping outcomes. It argues that the benefits of FinTech will depend on governance approaches that support innovation while protecting users and ensuring long-term sustainability.

Suggested Citation

  • David Mhlanga, 2026. "The Evolution and Scope of FinTech in Africa," Africagrowth Agenda, Africagrowth Institute, vol. 23(3), pages 24-28.
    • Handle: RePEc:afj:journ2:v:23:y:2026:i:3:p:24-28
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    File URL: https://journals.co.za/doi/abs/10.10520/ejc-afgrow_v23_n3_a4
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