Africa may be slowest to embrace fintech, but the continent is ripe for disruption.WHAT IT MEANS: Australia’s progress a benchmark for Africa. Africa’s unbanked are an opportunity for tech firms.Disruption of the banking sector is well on its way, as slower and more traditional forms of banking fall victim to new technology. African banks may be slower to catch up to this international trend, but the industry has not been resting on its laurels.An analysis by research firm Frost & Sullivan shows that financial technology (fintech) in Africa can expect exponential and rapid growth that will challenge existing financial services providers. This is despite the fact that it is in the early stages of adoption relative to the rest of the world.Frost & Sullivan looked to Australia’s progress (where financial services development is similar to SA’s) as a benchmark for Africa.The financial sector in Australia is expected to take $10bn in revenues away from big Australian banks and contribute...
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