Fintech Boom Drives Financial Inclusion in Africa, Yet High Funding Costs Block Climate and Digital Progress

The European Investment Bank’s Finance in Africa 2024 report reveals that Africa’s fintech sector has nearly tripled in size since 2020, providing vital financial services to underserved communities. However, high funding costs and limited capital remain barriers to growth, hindering Africa’s climate and digital transitions. Urgent action is needed to address these challenges and unlock Africa’s potential for sustainable economic growth, with initiatives like EIB Global’s Global Gateway aiming to mobilize €100 billion in investment by 2027.

Full Article