FinTech gains momentum in Africa, driven by mobile technology adoption among the continent's tech-savvy youth

Acclaimed journalist Crystal Orderson specialises in economic and political affairs on the African continent. She joins Bongani Bingwa on 702 Breakfast to provide insights into fintech's penetration in Africa.

Africa’s economic momentum is accelerating—this time, driven not only by commodities or infrastructure but also by young, mobile-first digital adopters and the continent’s growing financial technology (FinTech) sector.

With a population of 1.4 billion people and 67% of them under the age of 30, Africa is brimming with potential. However, challenges remain. According to the World Bank, between 600 and 800 million Africans still lack internet access. This gap, nonetheless, also represents an enormous untapped market.

Despite limited access to traditional infrastructure like laptops or wired broadband, Africa’s youth are leapfrogging older technologies—going straight to mobile phones and digital banking. This mobile-first approach is reshaping the way millions of people interact with money.

“People have jumped straight from not having laptops to using smartphones—doing savvy, digital-first things like mobile banking and online transactions.”

– Crystal Orderson, Journalist

One of the continent’s most crucial—and often overlooked—economic drivers is remittances: money sent back home by Africans living abroad in the diaspora. Whether driven by economic migration or family obligations, remittances are not just financial gestures—they are lifelines.

“For more than 200 million Africans, remittances are supporting not just families, but also entire communities and businesses.”

– Crystal Orderson, Journalist

In 2023, remittances to African were estimated at $100 billion ,nearly 6% of the continent’s GDP. This inflow has often exceeded foreign aid and even foreign direct investment.

In 2024 alone, Sub-Saharan Africa received approximately $56 billion in remittances.

Orderson explains how this money movement is deeply rooted in the spirit of Ubuntu—the idea that one's success is tied to one's community’s well-being. 

However, the cost of remittances can be very high.

Orderson spoke to RMB’s Technology, Media and Telecoms Sector Head, Arun Varughese to seek solutions to the high cost of remittances.

Varughese states that cryptocurrencies like Bitcoin were originally designed as peer-to-peer financial systems, enabling users to send money directly to each other without going through banks or financial intermediaries.

“Africa has a large migrant population, and sending money home still comes with high costs. Cryptocurrencies and stablecoins offer a low-cost, frictionless alternative.”

– Arun Varughese, RMB Technology, Media and Telecoms Sector Head

As African nations continue to embrace digital innovation, stablecoins—cryptocurrencies tied to the value of real-world currencies—promise cheap, fast, cross-border payments. This is particularly relevant in regions like South Africa and Zimbabwe, where traditional remittance fees between the countries remain high.

What’s most exciting, says Orderson, is that Africa is not just catching up—it’s leaping ahead. The continent is skipping legacy financial systems altogether and building new, digital-first models that fit its unique challenges.

“So all in all, what we've seen Bongani is they are skipping the traditional systems altogether. And there's more and more Africans on a daily basis that are getting access to the internet.”

– Crystal Orderson, Journalist

Through migration, remittances, and FinTech creating a cohesive growth narrative, Africa is establishing itself as a leader in financial innovation. As the continent continues to adopt mobile banking, its financial future appears increasingly decentralised.

Join Crystal Orderson and Bongani Bingwa for the upcoming episode of the RMB Africa Focus series, where they delve into insights regarding Africa’s economic resilience and emphasise why the continent remains crucial to global investment strategies.