East Africa: Growth in Fintechs Driving the Growth of Cyberattacks

23 September 2019

Africa's Fintech sector is booming! According to reports, Africa's Fintech ecosystem has surged 60% in the last two years and the continent's Fintech firms have grown to 491 from 301 in 2017, with $132.8 million raised in 2018, making last year the sector's best year yet and proving the sector's readiness given the high mobile phone penetration levels and the boom in mobile financial services and payment technologies.

In fact, the development of mobile technology has paved the way for Africa's Fintech revolution where South Africa, Nigeria and Kenya account for 65.2% of Africa's Fintech startups. "Such Fintechs have had a significant impact on the financial services landscape of these countries, where locally, these solutions are reaching more Kenyans than ever before," says Bethwel Opil, Enterprise Sales Manager at Kaspersky in Africa. Adding; "In fact, Kenya has brought about practical Fintech experiences making it one of the most financially inclusive countries in Africa and where mobile money transactions contribute a significant percentage to the country's GDP."

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