Ethiopia, Ghana and Rwanda Among Africa’s Fastest-Growing Fintech Ecosystems: Report

Ethiopia, Ghana and Rwanda Among Africa’s Fastest-Growing Fintech Ecosystems: Report

South Africa, Nigeria and Kenya have historically been the fintech hubs of Africa, but the next chapter for the industry in the continent will likely come from new, fast-growing ecosystems, including Ethiopia, Ghana and Rwanda, according to a new report.

The Africa Fintech: State of the Industry 2020 report, produced by Africa Fintech Summit in partnership with EFG EV Fintech and released in October 2020, looks at the state of fintech in Africa, outlining the key trends and emerging fintech ecosystems to watch out for.

Ethiopia

According to the study, Ethiopia is undergoing an unprecedented acceleration of its digital transformation agenda, propelled by new regulatory changes.

In June 2020, Ethiopia's Council of Ministers approved Digital Ethiopia 2025, a national digital transformation plan that seeks to embrace cutting edge technologies to ensure economic growth and social development.

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In March 2020, the National Bank of Ethiopia issued a new Payments Instruments Issuers Directive, allowing local non-bank actors, including mobile network operators, to offer mobile money services “” a significant change in a market where digital financial services offerings have historically been under the strict purview of traditional banks.

Compared to the size of its economy and population, Ethiopia's fintech ecosystem is relatively small, but the government's supportive stance