African fintechs among fastest growing companies on continent

The financial technology (Fintech) sector in Africa is experiencing unprecedented growth, with a recent report from the Financial Times revealing that 10% of the continent's fastest-growing companies are Fintech firms. CNBC Africa had the opportunity to speak with Chidi Okpala, the CEO of Asante Finance, to delve into the factors driving this rapid expansion and the challenges ahead in the financial services industry of Africa. Okpala highlighted the exciting phase of evolution that Fintech is currently witnessing in Africa, attributing it to the large unbanked population, a robust digital financial services platform, and the young, talented, and innovative demographic of the continent. He emphasized the importance of mobile money as a key driver for Fintech solutions and the continuous emergence of innovative products tailored to address the specific needs of African consumers and businesses. Regarding the most in-demand services in the Fintech space, Okpala pointed out payments as the cornerstone that lays the foundation for other services, followed by lending, insurance, wealth management, blockchain, and cryptocurrencies, all presenting vast opportunities for growth and innovation. As the interview drew to a close, Okpala addressed the misconception of Fintech being seen as competition to traditional banks, advocating for collaboration between the two sectors to enhance financial inclusion and access to services. He stressed the complementary strengths of banks and Fintech companies, highlighting the need for a concerted effort to drive progress and expansion across the continent.