The African continent faces challenges in the financial technology space that are diagonally opposite to the situation in the western world. With nearly 80% of adults in Africa not having access to formal or semi-formal banking services, the majority of the continent is still unbanked — at least in the traditional sense.

Cash is still king across the continent, with the numbers of physical banknotes in circulation increasing up to 13% in certain African countries while there is almost no dominant financial technology player that has managed to grow beyond their home country and across the continent.