In a research that was published by pan-African banking group Ecobank and Rwanda was used a case study where number of digital transactions rose by 11% in the first half of 2017, fintech industry in Africa has been said to scaled beyond over $3 billion by the year 2020.
It was reported in the research that 57.6% of the world’s 174 million active registered mobile money accounts are located in Sub-Saharan African.
The country has also experienced a 26% growth in transaction volume in 2016/17 – an increase of a third in value. Point of sale transactions in the country also experienced a surge, doubling to volume from 270,000 to 523,000.
“Digital technology is central. Technology offers great opportunities to open up new markets, increase choice and speed delivery of services,” the Assistant Vice-President of the push payments division at Ecobank, Nshuti Lucy Mbabazi said.
Speaking at the Africa Tech Summit, Mbabazi added: “Going digital provides not just better services and connectivity, but enables banks and businesses to unlock productivity and play a role in development.”
Fintech is certainly flourishing in terms of annual salary. Data from the Digital Frontiers Initiative (DFI), reported by Africa Business Daily, found that executives and senior managers working for Kenyan fintech companies earn an average annual salary of $238,509 and $137,303 respectively.
Nigeria, which has the next-highest levels of compensation, pays an average base salary of $213,731. Tanzania and South Africa follow close behind, with average salaries of $177,947 and $152,806.