Sub-Saharan Africa fintech ecosystem with remarkable growth
The fintech ecosystem in sub-Saharan Africa has experienced remarkable growth, making the region a hub for financial innovation. With 46 diverse economies, sub-Saharan Africa has become a thriving environment for fintech solutions that are fundamentally changing the way people access and use financial services.
This report focuses on the dynamic fintech landscape in South Africa, which serves as the region's financial hub due to established financial institutions, a growing middle class, and high mobile and internet penetration. The fintech sector has shown resilience, particularly during the pandemic, and South Africa is home to over 500 fintech companies offering innovative services across the various fintech segments.
Favorable regulatory environment and good market potential for Swiss companies
The South African government and regulatory bodies have shown a favourable stance towards fintech innovation and the South African Reserve Bank (SARB) has adopted a sandbox approach to fintech regulation, promoting innovation while ensuring consumer protection and financial system stability. The upcoming introduction of the Conduct of Financial Institutions Bill (CoFI) is expected to bring significant changes to the regulatory regime and this evolving fintech ecosystem. Swiss fintech companies can capitalise on South Africa's expanding market, favourable regulations and digital opportunities. This report examines market trends, key players, regulations, and opportunities for Swiss companies, and highlights South Africa's fintech potential.
