ABiQ outlines the investment opportunities and the importance of financial services in Africa.
The great unbanked
It is estimated that roughly 50 percent of the Sub-Saharan African population remains unbanked. Further, approximately 30 percent still lack a form of identification. Nearly 60 percent of the continent has no access to Internet connectivity, leaving many people without basic access to financial services.
With more than 50 percent of the African continent considered to be “unbanked”, opportunities for the fintech industry exponentially grow.
The opportunities: Bank the unbanked
The opportunities for financial services in Africa are mammoth. Roughly, two-thirds of the population in Africa are still unbanked. This lack of traditional banking infrastructure presents the perfect opportunity, especially for fintechs, to access a largely untapped market of new potential customers.
The lack of traditional banking infrastructure, coupled with exorbitant banking fees has presented opportunities for fintech companies in Africa. The majority of people in Africa simply don’t earn enough money to maintain a bank account. This is where fintech solutions like mobile money services thrive.
The African continent boasts some of the highest levels of mobile money usage in the world. Mobile money services allow people to store, transfer and buy things using a mobile phone. This is a game changer which can not only help people improve their earnings, but also potentially reduce poverty by promoting financial inclusion.
While investing in financial services in Africa will promote financial inclusion and reduce poverty, it also creates great opportunities for those looking to invest in the financial services industry.
Looking to invest in the financial services industry in Africa?
Africa is the land of opportunities. ABiQ can help you with your growth plans for the region. How does our solution work?
We use digitalisation and artificial intelligence to provide unique forecasting and data analysis, to help you grow your business in Africa.
We spend time researching by using a wide range of different sources and platforms to gather our data. This enables us to establish an initial connection and understanding of who they are, what they do and who they are connected to.
Our research team meticulously validates and cleans-up our data through a variety of ways including site visits, calls and other third-party services such as the chamber of commerce and credit bureau. This ensures the data we provide is trusted and reputable.
Unique AI and analysis
We use our decades of experience to build self-developed and unique forecasting models using artificial intelligence. This translates big data into clear business insights, enabling you to make decisions on your business growth through the power of digitalisation.
We continually review and edit our data to ensure it’s up to date and relevant. Our research team and artificial intelligence complements one another to provide contextual and accurate information, leaving you to focus on growing your business by using the opportunities our data brings.
Connect our intelligence platform directly into your CRM. Your sales team will always have the latest information on high value opportunities at the tip of their fingers. You can save both time and money by having all the information you need at the click of a button.
With our unique networking tool, you can:
- Track projects in Africa, UAE, and Saudi Arabia worth over $5.8 Trillion
- Access over a million companies in Africa and the Middle East
- Access company shareholders, subsidiaries, and detailed contact information
- Connect with decision-makers and grow your business in Africa and the Middle East
- Drive your growth strategy across all 54 African countries