This list, compiled in partnership with Statista, underscores the rapid growth and innovation within the African fintech sector.

It highlights companies that are driving financial inclusion and transforming financial services across the continent.

The six African fintech companies in the list include:

1. PalmPay (Nigeria)

PalmPay has been recognized for its comprehensive fintech platform, which offers a range of financial services including money transfers, bill payments, credit services, and savings through its user-friendly app and extensive network of mobile money agents.

The company’s dual approach to digital banking combined with offline touchpoints has significantly contributed to financial inclusion in Nigeria, where a substantial portion of the population remains unbanked.

PalmPay’s recognition by CNBC and Statista validates its unique model and its commitment to expanding financial access in emerging markets.

2. Flutterwave (Nigeria/US)

Flutterwave continues to make waves with its robust payment solutions that facilitate seamless transactions across borders.

The company’s innovative payment infrastructure supports businesses of all sizes, enabling them to thrive in the digital economy.

3. Kuda (Nigeria/UK)

Kuda, a leading neobank, has garnered attention for its customer-centric banking services that eliminate the need for traditional banking fees.

By offering a range of digital banking solutions, Kuda has made banking more accessible and affordable for millions of Nigerians.

4. MTN (South Africa)

MTN’s financial services, particularly its mobile money platform, have revolutionized how people in South Africa and other African markets manage their finances.

MTN provides easy-to-use and secure payment solutions, playing a crucial role in enhancing financial inclusion and empowering individuals and businesses to engage in the digital economy.

5. Piggyvest (Nigeria)

Piggyvest has been celebrated for its innovative financial planning tools that help users save and invest money efficiently.

The company leverages technology to offer personalized financial advice and automated savings options.

6. Yoco (South Africa)

Yoco’s payment solutions have empowered small businesses in South Africa by providing them with affordable and accessible point-of-sale systems.

Yoco’s focus on supporting entrepreneurs and enabling digital payments has earned it a place on CNBC’s list, highlighting its role in fostering economic growth and supporting the small business ecosystem in Africa​.

The inclusion of these six African fintech companies in CNBC’s top 250 list is a testament to the innovation and impact of the continent’s fintech sector.

These companies are transforming financial services and driving financial inclusion and economic development across Africa.

Here is the full list – https://www.cnbc.com/the-worlds-top-250-fintech-companies-2024/

The official launch, held on Wednesday, July 10th, brings GVA’s high-speed FTTH (fiber-to-the-home) network to Kampala, the 13th African city, to benefit from its services.

GVA has already invested 50 billion Ugandan shillings (approximately $13.5 million) in laying fiber optic cables across Kampala.

This initial infrastructure can connect up to 140,000 homes, and Julius Kayoboke, Managing Director of GVA Uganda, says ambitious plans are in place to expand the network to serve an estimated 500,000 people within the next four years.

CanalBox’s arrival in Uganda is expected to shake up the country’s internet landscape, currently dominated by telecommunication companies.

This increased competition is anticipated to benefit consumers through improved service quality and potentially lower costs.

The launch comes at a crucial time for Uganda, which is experiencing a rapid digital transformation fueled by a growing demand for high-speed internet connectivity.

The Uganda Communications Commission (UCC) reports that the nation has over 27.7 million internet users, with a penetration rate of 61%.

“The internet has revolutionized societies in ways we never imagined before,” remarked Thomas Tayebwa, Deputy Speaker of the Ugandan Parliament, who attended the launch ceremony.

“It has reshaped how we live, work, and connect with each other – impacting communication, information sharing, business transactions, education, and even service delivery.”

Ugandan President Yoweri Kaguta Museveni met with representatives from the global communications technology company to discuss the plans.

The focus of the meeting was a proposal from Huawei to establish a prototype digital village within Uganda.

This model village would serve as a showcase for the potential of digital infrastructure in rural areas.

It would be equipped with a network tower station, a solar power station using Huawei’s innovative digital micro-grid technology, and a suite of smart classroom equipment.

The project aligns perfectly with Uganda’s Parish Development Model (PDM), a community-driven development initiative.

Huawei’s contribution would be at no cost to the Ugandan government and would encompass smart classrooms, remote healthcare facilities, and installations utilizing smart photovoltaic cells for sustainable power generation.

A key component of the initiative would be the establishment of a remote diagnosis system. This system would connect village health centers with regional and national hospitals, significantly improving access to healthcare for rural residents.

Huawei’s vision for this smart village project is to demonstrate the transformative power of digital infrastructure in rural communities.

Through the provision of advanced technology, clear information, and user-friendly tools, they aim to address the challenges faced by villagers and foster development.

Sooma Mukyala Fouziya, Public Relations Manager for Huawei Uganda, emphasized the project’s alignment with the PDM, promoting digital transformation and sustainable growth through Information and Communication Technology (ICT) in Uganda.

This project aligns with Huawei’s continued expansion within the Middle East and Africa (MEA) region, having recently announced a commitment to training an additional 150,000 individuals in sub-Saharan Africa over the next three years.

The tech giant aims to equip an additional 150,000 people in the region with ICT (Information and Communication Technology) expertise over the next three years.

This ambitious plan builds upon Huawei’s prior success, having surpassed its initial goal of training 100,000 individuals by 2025, achieving a remarkable 120% completion rate ten months ahead of schedule.

The announcement took place at the LEAP Summit 2024: ICT Talent and Sustainable Development for Sub-Saharan Africa, held in Shanghai, China, on June 28th.

The summit, co-hosted by Huawei and the African Telecommunications Union (ATU), is an official partner program of Mobile World Congress Shanghai 2024.

The event brought together over 200 guests, including high-ranking government officials from various Sub-Saharan African nations. This gathering highlighted the critical need to equip the region’s workforce with digital skills.

Reports from the World Economic Forum indicate that over a billion people globally require upskilling or reskilling by 2030.

Furthermore, the International Financial Corporation estimates that more than 230 million jobs in Sub-Saharan Africa will necessitate digital expertise by 2030.

Jeff Wang, Senior Vice President and President of Public Affairs and Communications at Huawei, addressed the summit, outlining the company’s commitment to inclusive, systematic, and future-oriented talent development.

He expressed satisfaction with the LEAP program’s achievements, stating, “Since launching the LEAP Digital Talent Development Program in Sub-Saharan Africa in 2022, we’re delighted to see the positive impact it’s had on so many people.”

This initiative aims to deliver high-speed internet access to at least six million Egyptian households.

The $600 million project, spread over ten years, will involve constructing, operating, and commercializing fiber-optic infrastructure for wholesale purposes.

This includes Fiber-To-The-Home (FTTH) connections for direct high-speed internet access to homes and Fiber-To-The-Site (FTTS) solutions for businesses.

The MoU signing ceremony took place at the Egypt-EU Investment Conference, which was held in Cairo at the end of June. Over the coming months, both companies will finalize details concerning the joint venture’s business model, ownership structure, governance, and technological aspects.

This partnership aligns with Telecom Egypt’s “Digital Egypt” strategy, which is part of Egypt’s Vision 2030 plan.

The project will contribute to the development of FTTH networks across the country. Additionally, connecting mobile sites with fiber infrastructure will enhance mobile network capacity, paving the way for wider 5G deployment in the future.

“This agreement will significantly accelerate Egypt’s digital transformation,” said Mohamed Nasr, Managing Director and CEO of Telecom Egypt. “The future-ready network will not only bolster 5G but also empower the development of next-generation services like IoT and enterprise networks.”

Gellért Jászai, Chairman of 4iG Group, expressed his enthusiasm about the project.

He highlighted its role in showcasing the group’s expertise on a global scale and aligning with their long-term business strategy. Jászai emphasized the project’s potential to create jobs, develop a skilled workforce to support local businesses, and ultimately improve the quality of life for Egyptians.

This collaboration between Telecom Egypt and 4iG Group builds on their previous agreement in February 2024 to construct a direct subsea cable linking Albania to Egypt.

Top 25 Most Populous African Countries

1. Nigeria

Population – 229 million 

Growth rate – 2.39% annually.

 2. Ethiopia

Population – 129 million

Growth rate – 2.52% annually

3. Egypt

Population – 114 million,

Growth rate – 1.57% annually

4. Democratic Republic of the Congo (DRC)

Population – 105 million

Growth rate – 3.29% annually

5. Tanzania

Population – 69 million

Growth rate – 2.94% annually

6. South Africa

Population – 61 million

Growth rate – 1%.

7. Kenya

Population – 56 million

Growth rate – 2% annually

8. Uganda

Population – 49 million

Growth rate – 2.76%

9. Sudan

Population – 49 million

Growth rate – 2.6% annually

10. Algeria

Population – 46 million

Growth rate – 1.47%

11. Morocco

Population – 38 million

Growth rate – 0.98% annually

12. Angola

Population – 37 million

Growth rate of 3.05%

13. Mozambique

Population  – 34 million

Growth rate – 2.83% annually

14. Ghana

Population – 34 million

Growth rate – 1.92% annually

15. Madagascar

Population – 31 million,

Growth rate – 2.41%.

16. Ivory Coast

Population – 29 million

Growth rate – 2.53%

17. Cameroon

Population – 29 million

Growth rate – 2.61% annually

18. Niger

 Population – 28 million

Growth rate – 3.81% annually

19. Burkina Faso

Population – 23 million

Growth rate – 2.53% annually

20. Mali

Population – 24 million

Growth rate – 3.1% annually

21. Malawi

Population – 21 million

Growth rate – 2.6% annually

22. Zambia

Population – 21 million

Growth rate – 2.75% annually

23. Chad

Population – 18 million

Growth rate – 3.11% annually

 24. Somalia

Population – 18 million

Growth rate – 3.11% annually

25. Senegal

Population – 18 million

Growth rate – 2.58% annually

Age Distribution

Africa is the youngest continent globally, with a median age of around 19.7 years.

This youthful demographic is a stark contrast to continents like Europe, where the median age is approximately 42 years.

Countries with the youngest populations include:

• Niger: Median age of 15.2 years
• Mali: Median age of 16.1 years
• Uganda: Median age of 15.9 years
• Angola: Median age of 16.5 years
• Chad: Median age of 16.4 years

The youthful population presents both opportunities and challenges, such as a potential demographic dividend but also the need for substantial investments in education and employment opportunities.

Fertility Rates

High fertility rates are a defining characteristic of Africa’s population dynamics.

The continent’s average fertility rate is around 4.5 children per woman, compared to the global average of 2.4.

Countries with the highest fertility rates include:

• Niger: 6.9 children per woman
• Somalia: 6.1 children per woman
• Chad: 5.9 children per woman
• Mali: 5.8 children per woman
• Angola: 5.7 children per woman

These high fertility rates contribute significantly to the continent’s rapid population growth.

Population Growth Rates: Top 10 African Countries

Africa’s population growth rates vary significantly across the continent, with some countries experiencing exceptionally high growth.

Here are the top 10 African countries with the highest annual population growth rates as of 2024:

1. Niger: 3.8%
2. Uganda: 3.6%
3. Chad: 3.5%
4. Angola: 3.4%
5. Mali: 3.3%
6. Burundi: 3.3%
7. Democratic Republic of the Congo (DRC): 3.3%
8. Benin: 3.2%
9. Zambia: 3.2%
10. Tanzania: 3.1%

These growth rates are driven by high fertility rates, declining mortality rates, and improvements in healthcare services.

These high growth rates have significant implications, affecting everything from economic development to infrastructure needs and social services.

Conclusion

Africa’s demographic landscape is characterized by rapid population growth, a youthful population, and increasing urbanization.

These trends present both opportunities and challenges for the continent’s development. 

Understanding and addressing the implications of these demographic trends will be crucial for policymakers, businesses, and development organizations working in Africa.

This report highlights the need for continued investment in education, healthcare, and infrastructure to harness the potential of Africa’s growing population.

By adopting forward-looking policies and strategies, African countries can turn their demographic trends into a powerful driver of sustainable development.

References

1. United Nations Department of Economic and Social Affairs, Population Division. (2023). World Population Prospects 2022. Link
2. World Bank. (2023). World Development Indicators. Link
3. African Development Bank. (2023). African Economic Outlook 2023. 
4. United Nations Economic Commission for Africa. (2023). Demographic Trends in Africa.  
5. Population Reference Bureau. (2023). World Population Data Sheet.  

This collaboration follows Cetud’s successful launch of Dakar’s Bus Rapid Transit (BRT) system in January 2024, the first of its kind in sub-Saharan Africa.

The electric bus network currently serves an impressive 300,000 passengers daily.

While the BRT system represents a significant step towards sustainable transportation, both parties recognize the need for a more comprehensive approach.

Traffic congestion, pollution, and ensuring accessibility for vulnerable populations remain pressing challenges in Dakar and other Senegalese metropolises.

The MoU focuses on strengthening governance and building the capacity of public transport personnel.

“Decarbonizing transportation requires overcoming significant hurdles,” said Thierno Birahim, Director General of Cetud. “This partnership is crucial as it will invigorate planning frameworks and address the critical issue of financing green mobility solutions.”

Several ongoing projects align with the MoU’s goals, including the implementation of the Sustainable Urban Mobility Plan (PMUD).

This plan prioritizes a multimodal approach, favoring public and active transportation options.

Cetud anticipates a 60% improvement in public transport network reliability upon the plan’s completion.

Furthermore, the second phase of the Dakar Regional Express Train (TER) project is underway, aiming to extend the rail network to Blaise Diagne International Airport.

This 19-kilometer expansion is expected to ease traffic congestion and reduce annual CO2 emissions by an estimated 92,000 tons.

The West African Development Bank (BOAD) is financing this 35 billion CFA franc (approximately 53.4 million euros) project.

The merger brings together Peleza’s expertise in background checks, particularly valuable due to its established partnerships with East African mobility giants Uber and Bolt and logistics leader FedEx, with Prembly’s focus on identity verification, security, and compliance solutions.

This collaboration isn’t entirely new as Peleza has been leveraging Prembly’s infrastructure for the past year and a half.

According to Peleza’s founder, Marita Mutemi, the merger formalizes this partnership, which aims to expand service offerings across various markets with a specific focus on global reach.

“This merger is a natural extension of our existing collaboration,” Mutemi said. “It allows us to provide a wider range of services to customers across different markets, including internationally.”

Prembly’s co-founder and CEO, Lanre Ogungbe, echoed this sentiment, highlighting the combined entity’s potential for leadership in the Pan-African identity management space.

Following the merger, Ogungbe will assume the CEO role of the Prembly Group. Mutemi will become the Group’s CFO and concurrently serve as the CEO of Prembly East Africa.