money agentsinsub-SaharanAfrica than ATMs or bank accounts. 4
Within sub-Saharan Africa, East Africa is the clear leader in mobile money adoption and usage. Despite the success of mobile money in sub-Saharan Africa, there is a wide degree of cross-country difference (see Figure 4 ). East Africa developed an infrastructure that uniquely built upon the latent demand for mobile financial services in sub-Saharan Africa:
East African countries favored a telecom-led regulatory model. In this framework, the telecom provider works with the financial regulator to
Mr. Amadou N Sy, Mr. Rodolfo Maino, Mr. Alexander Massara, Hector Perez-Saiz, and Preya Sharma
FinTech is a major force shaping the structure of the financial industry in sub-Saharan Africa. New technologies are being developed and implemented in sub-Saharan Africa with the potential to change the competitive landscape in the financial industry. While it raises concerns on the emergence of vulnerabilities, FinTech challenges traditional structures and creates efficiency gains by opening up the financial services value chain. Today, FinTech is emerging as a technological enabler in the region, improving financial inclusion and serving as a catalyst for the emergence of innovations in other sectors, such as agriculture and infrastructure.