FinTech and Inclusive Economic Development in Africa

David Mhlanga ()
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David Mhlanga: University of Johannesburg

Africagrowth Agenda, 2024, vol. 21, issue 4, 12-17

Abstract: The rapid growth of financial technology (FinTech) has revolutionized the financial landscape globally, particularly impacting economic development in emerging economies. In Africa, FinTech innovations offer promising solutions to address longstanding challenges in financial inclusion, eco-nomic inequality, and underdevelopment. This paper explores the role of FinTech in promoting inclusive economic development across the conti-nent, with a focus on mobile banking, digital payments, and other FinTech innovations. By examining case studies from Kenya, Nigeria, and South Africa, this study illustrates the transformative impact of these technolo-gies on economic activities. The paper also discusses the challenges and op-portunities associated with FinTech adoption, highlighting the need for a supportive regulatory environment, robust infrastructure, and improved digital literacy to fully harness the potential of FinTech for inclusive eco-nomic growth in Africa.

Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:afj:journ2:v:21:y:2024:i:4:p:12-17

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