Exercitation ullamco laboris nis aliquip sed conseqrure dolorn repreh deris ptate velit ecepteur duis.
The Opportunity of Africa – Growing Economic Powerhouse of the World
Key Indicators of Growth in Africa
World Bank’s 2019 report underline the continent’s promise. Of the 10 fastest-growing economies in the world, 6 were in Africa— with Ghana at the top of the world ranking. In the Doing Business index, five of the 10 most improved countries are in Africa, and one-third of all reforms recorded globally were in sub-Saharan Africa.
Entrepreneurs and small to medium enterprises (SMEs) are slated to be the driving force across African countries for generating employment, innovations, and exports, thus providing a major thrust to new growth. Leading growth countries such as Kenya and Nigeria already employ over 75 percent of its population in the SME sector.
Financial Inclusion will play a crucial role
Access to finance and monetary resources will be crucial for Africa to achieve the desired growth. This has been evident from the fact that more global institutions are lined up to enter or have already set up bases in Africa. For providing loans, funds, initial seed capital and financial inclusion to the growing enterprises and people behind them.
Fintech is one of the leading sectors spanning the region in terms of making finance available seamlessly for enterprises and individuals.
Growing Need for Fintech in Africa’s Growth
Simultaneously incomes are also rising, generating newer avenues of growth, spending, and most importantly reinvestment in businesses. Some reports estimate annual spending by African consumers and businesses to reach USD 6.66 trillion by 2030. Benefiting a wide range of sectors such as food, beverages, financial services, pharmaceuticals, education, and others.
Digital payments and loan management will play a crucial role in these sectors for fulfilling the new demand for capital and financial management.
Information technology, digital & financial services focus towards Africa as a market is also gaining wider acceptance amongst businesses and consumers.
Access to finance, loan management platforms, digital payment solutions, has made Africa more productive in its emergence as a market. This has allowed many SMEs and entrepreneurs to become competitive, speed up transactions, and more importantly, provide finance especially loans to a wider population.
To truly leverage the opportunity of the African market, entrepreneurs, SMEs, and the government have to efficiently manage their investments from leading countries, funds, and banks. They also need to utilize globally benchmarked technology, foster local innovation, customization and most importantly adopt an effective platform to manage their business finance such as loans. Especially for enterprises as well for Africa’s consumers. These measures will lay the foundation for Africa’s rise as an economic powerhouse.
Note: FinoLane provides a customized & localized loan management solution designed for Africa’s growing companies in the financial markets. To know more please reach out to us at +91 9347016700, or write to us at (email): firstname.lastname@example.org