This is coming as African technology companies, dominated by fintechs, raised $1.77bn in the first quarter of 2022, according to a report by Briter Bridges.
It disclosed this in its ‘Global Financial Stability’ report. It added that they could quickly make inroads into a wide range of critical financial services. The IMF said, “The increased competition traditional banks face from fintechs is generally beneficial from an economic point of view. According to the Washington-based lender, fintech firms herald efficiency gains, progress in financial inclusion, and better customer experience. It added that the firms have the potential of reducing costs and frictions related to informational asymmetry, increasing efficiency and competition, and broadening access to financial services, especially in low-income countries and underserved populations.
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