Fintech is vital in transforming the African creative industry by enhancing financial inclusion and empowerment. It enables creators to access necessary resources and funding, fostering job creation and economic benefits.
The global fintech market, currently valued at USD 294.74 billion, is projected to experience substantial growth. By 2024, it is expected to reach USD 340.10 billion and further expand to USD 1,152.06 billion by 2032, reflecting a robust compound annual growth rate (CAGR) of 16.5% over the forecast period. As of 2023, North America dominates the global market with a notable share of 34.05%.
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Fintech companies operating in the business-to-business (B2B) sector offer diverse financial technology services, tools, and solutions, primarily delivered via the cloud. This enables businesses to integrate and leverage financial technologies without the need for costly in-house development.
In Africa, the fintech digital assets market is projected to grow by 9.01% between 2024 and 2028, reaching a market volume of USD 56.47 billion by 2028. The sector is experiencing rapid expansion; as of 2021, fintech companies constituted nearly half of Africa’s 5,200 tech startups.
The African creative economy, too, has witnessed remarkable growth in recent years. The rising global demand for African creative products has directly contributed to economic development, particularly through the generation of new employment opportunities.
Fintech solutions are central to promoting financial inclusion and economic empowerment in Africa. However, their impact extends beyond these areas. They foster a sense of self-identification with African narratives, enabling young Africans to express themselves in unprecedented ways within a digital landscape rich with opportunities.
The creative economy is a treasure trove of potential, not only for Africa but also for the world at large. It holds the promise of ushering in more progressive development across the continent. According to Douglas Kendyson, the Founder and CEO of Selar.co, ‘The Creative economy is really big, we are barely scratching the surface in this sector, and the possibilities are limitless. We need more platforms that facilitate the activities of young Africans in the creative economy.’
FinTech solutions are also driving growth in sectors such as mobile gaming, facilitating digital payments, and supporting the distribution of African creative products to wider markets. All these form an ecosystem of productivity that enhances the standard of living in this modern age and propels humanity further to greater heights.
The future of Africa’s creative industry is bright, fueled by the digital spark of Fintech. As financial inclusion and empowerment take root, African creators will rise, their talents reaching the world stage. This is the story of a continent finding its voice, empowered by innovation and ready to claim its rightful place in the global creative landscape.
