Africa boasts of a vibrant financial technology scene. With the advent of Paystack supported and backed by Silicon Valley success stories like Stripe, Africa Fintech provides local solutions to a bazillion financial challenges in the region.

Here are 5 popular Fintech platforms in Africa. But before then, let’s see some of the challenges facing Fintech in Africa

Internet Access:

Many people in Africa still lack access to reliable internet, which is necessary for using fintech services.

Regulation:

Different countries have different regulations, which can make it difficult for fintech companies to operate across borders.

Trust:

Some people are hesitant to use fintech services because they are not familiar with them or do not trust new technology.

Infrastructure:

In some areas, the infrastructure needed to support fintech services, such as mobile networks and electricity, is not always reliable.

With that said, here are the Top 5 Fintech apps in Africa.

• M-Pesa: M-Pesa is Kenya’s fast-growing mobile money platform. It allows people to send and receive money using their mobile phones. It has expanded to several other countries and is one of the most popular fintech services in Africa.
• Flutterwave: Based in Nigeria, Flutterwave provides a platform for businesses to make and receive payments. It also offers remittance services, making it easy for people to send money across borders.
• Chipper Cash: This is a mobile-based, no-fee, P2P payment service that allows people in several African countries to send and receive money for free. It is fast, reliable, and easy to use.
• WorldRemit: This global company allows people to send money to Africa from other parts of the world using their mobile phones. It partners with local services to ensure that the money reaches the recipient quickly.

Steps for Sending Money Across Borders

• Choose a Reliable Provider:
  Research reputable fintech companies or mobile money services.
  Consider fees, exchange rates, and reliability.
• Register and Verify:
  Sign up for the chosen service.
  Complete identity verification as required.
• Initiate the Transfer:
  Enter recipient details and the amount.
  Confirm the transaction.
• Track Your Transfer:
  Most services provide real-time tracking.
  Stay informed about the progress.