Loughborough University
Browse

File(s) under embargo

Reason: Publisher requirement.

2

month(s)

24

day(s)

until file(s) become available

FinTech and the future of banks and financial services in Africa

chapter
posted on 2022-10-21, 10:35 authored by Joshua Yindenaba Abor, Peter Quartey, Ahmad Hassan AhmadAhmad Hassan Ahmad, Maxwell Opoku-Afari
This chapter examines the role of financial technology (FinTech) in transforming the delivery of banking and financial services and its potential in promoting financial inclusion in Africa. The chapter discusses the main types of FinTech which include mobile money, mobile banking, crowdfunding, and blockchain technology and cryptocurrencies and their market developments in Africa. FinTech has introduced the use of new technologies that minimise the costs of providing banking and financial services, creating market access opportunities for new entrants, broadening access to new segments of the market and customers, and impacting on the competition structure of the existing financial service providers. The chapter then looks at the challenges facing FinTech in Africa as well as the impact of the COVID-19 pandemic on Africa’s FinTech space. The chapter also highlights the importance of optimum regulation, which should be beneficial to innovations as well as participants—providers and users.

History

School

  • Business and Economics

Department

  • Economics

Published in

The Economics of Banking and Finance in Africa: Developments in Africa’s Financial Systems

Pages

135 - 180

Publisher

Palgrave Macmillan

Version

  • AM (Accepted Manuscript)

Rights holder

© The Author(s), under exclusive license to Springer Nature Switzerland AG

Publisher statement

This book chapter was accepted for publication in the book The Economics of Banking and Finance in Africa: Developments in Africa’s Financial Systems [© The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG]. The definitive published version is available at https://doi.org/10.1007/978-3-031-04162-4_5

Publication date

2022-09-18

Copyright date

2022

ISBN

9783031041617; 9783031041624

Book series

Palgrave Macmillan Studies in Banking and Financial Institutions

Language

  • en

Editor(s)

Joshua Yindenaba Abor; Charles Komla Delali Adjasi

Depositor

Dr Ahmad Hassan Ahmad. Deposit date: 20 October 2022

Usage metrics

    Loughborough Publications

    Categories

    No categories selected

    Exports

    RefWorks
    BibTeX
    Ref. manager
    Endnote
    DataCite
    NLM
    DC