Fintech Growth Is Hitched to Asia and Africa

Fintech Growth Is Hitched to Asia and Africa

Perhaps no Fintech CEO has been as vocal about Africa as Square (tkr: SQ), CEO Jack Dorsey who had planed to operate from Africa for a period of time. Africa’s “unbanked” population represents a significant growth opportunity for Square and other fintech companies. Peer-to-peer networks thrive in unbanked populations.

Over the next 80 years Africa will have 5 countries on the Top 10 list of largest countries as measured by population. These include Nigeria at #3 (behind China #2 and India #1) and D.R. Congo at #6 among others. Today, only Nigeria made the Top 10 list (see table below).

India and China are projected to flip the Top 2 spots. Pew forecasts India’s population to grow by 5% from 2020 to 2100 while China’s population is expected to decline by 26% over the same period.