Financial technology in Africa to grow to 3 bln USD by 2020: pan-African bank

Overall fintech (financial technology) in Africa will grow from around 200 million U.S. dollars currently to 3 billion dollars by 2020, pan-African banking group Ecobank said Thursday.

The number of digital transactions in Rwanda increased by 11 percent in the first half of 2017 from 1.37 million the previous year to 1.53 million, said Nshuti Lucy Mbabazi, assistant vice-president of the push payments division of Ecobank Group, on the last day of the Africa Tech Summit in the Rwandan capital Kigali.

Speaking at a penal discussion looking at delivering a cashless society in Africa, Mbabazi explained the importance of fintech and moving toward a cashless society.

"Digital technology is central. Technology offers great opportunities to open up new markets, increase choice and speed delivery of services," she said.

Africa is now at the forefront of fintech, with 57.6 percent of the world's 174 million active registered mobile money accounts (100.1 million) in sub-Saharan Africa, according to Ecobank Group statistics.

The Africa Tech Summit, which concluded on Thursday, explored the latest trends in digital technology, attended by some 250 key African and international tech leaders.