In the last decade, the impact of financial technology (fintech) on Africa's financial sector and other key sectors has been phenomenal. In Africa, fintech creates an enabling environment that opens up the financial sector's value chain and promotes efficiency gains. Across many countries in Africa, fintech is improving financial inclusion and stimulating innovation and productivity in major sectors, such as the small and medium-sized enterprises (SME) sector and the agriculture sector, the backbone of the region's economy. With an ultimate goal of providing reliable financial services to a large unbanked population in Egypt since 2011, the financial sector has recorded strives in financial inclusion via fintech in recent times. Through innovation in fintech, financial institutions are increasing their agricultural loan portfolio.

Source: The North Africa Journal November 02, 2020 12:22 UTC