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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.
Hector Perez-Saiz and Preya Sharma

consider FinTech as an opportunity to foster economic growth and development. The rest of the paper is organized as follows: Chapter 2 discusses the trends and unique characteristics of FinTech in sub-Saharan Africa. Chapter 3 explains the opportunities and challenges that FinTech creates in sub-Saharan Africa. Chapter 4 concludes. Chapter 2 FinTech in Sub-Saharan Africa—Where Does the region Stand? Financial intermediation and financial inclusion in sub-Saharan Africa remain low, despite progress in recent years. Helped by reforms, the depth and coverage of

Hector Perez-Saiz and Preya Sharma

Copyright Copyright ©2019 International Monetary Fund Cataloging-in-Publication Data IMF Library Names: Maino, Rodolfo, 1961-, author. | Massara, Alexander, author. | Perez-Saiz, Hector, author. | Sharma, Preya, author. | Sy, Amadou N. R., project director. | International Monetary Fund, publisher. | International Monetary Fund. African Department, issuing body. Title: FinTech in sub-Saharan African countries: a game changer? / Prepared by an IMF Staff Team led by Amadou N. R. Sy and composed of Rodolfo Maino, Alexander Massara, Hector Perez

International Monetary Fund. Secretary's Department

Papers—Assessing Fiscal Space: An Update and Stocktaking: https://0-www-imf-org.library.svsu.edu/en/Publications/Policy-Papers/Issues/2018/06/15/pp041118assessing-fiscal-space 4. Harnessing Digital Dividends Departmental Papers—FinTech in Sub-Saharan African Countries: A Game Changer?: https://0-www-imf-org.library.svsu.edu/en/Publications/Departmental-Papers-Policy-Papers/Issues/2019/02/13/FinTech-in-Sub-Saharan-African-Countries-A-Game-Changer-46376 Staff Discussion Notes—Casting Light on Central Bank Digital Currencies: https://0-www-imf-org.library.svsu.edu/en/Publications/Staf-Discussion-Notes/Issues/2018

Sonja Davidovic, Ms. Elena Loukoianova, Cormac Sullivan, and Hervé Tourpe

Countries With Lots Of Phones And Little Juice .” Fast Company , October 1 . Speider , U. 2018 . “ Satellite Still a Necessity for Many Pacific Islands .” Asia-Pacific Network Information Centre blog, September 18 . Submarine Cable Map . 2019 . Website . Sy , A. N. , and others. 2019 . “ FinTech in Sub-Saharan African Countries: A Game Changer? ” IMF Departmental Paper No. 19/04 , International Monetary Fund , Washington, DC . 10.5089/9781484385661.087 Tala . 2018 . Website . Totolo , E. 2018 . “ Kenya’s Digital Credit

El Bachir Boukherouaa, Khaled AlAjmi, Jose Deodoro, Aquiles Farias, and Rangachary Ravikumar

Science Hub Communities , European Commission , Brussels . https://ec.europa.eu/jrc/communities/sites/default/files/ff3afe_1513c6bf2d81400eac182642105d4d6f.pdf . Sy , A. , R. Maino , A. Massara , H. Perez-Saiz , and P. Sharma . 2019 . “ Fintech in Sub-Saharan African Countries: A Game Changer? ” Departmental Paper 19/04 , International Monetary Fund , Washington, DC . 10.5089/9781484385661.087 Szegedy , C. , W. Zaremba , I. Sutskever , J. Bruna , D. Erhan , I. Goodfellow , and R. Fergus . 2014 . “ Intriguing

Hilary Devine, Adrian Peralta-Alva, Hoda Selim, Preya Sharma, Ludger Wocken, and Luc Eyraud

. ” International Monetary Fund , Washington, DC . International Monetary Fund (IMF) . 2018c . “ Domestic Revenue Mobilization in Sub-Saharan Africa: What Are the Possibilities? ” Chapter 3, Regional Economic Outlook : Sub-Saharan Africa, Washington, DC , April . International Monetary Fund (IMF) . 2019a . “ Fintech in Sub-Saharan African Countries: A Game Changer? ” African Departmental Paper . International Monetary Fund , Washington, DC . International Monetary Fund (IMF) . 2019b . “ Sustainable Development, Sustainable Debt: Finding the Right Balance

Luc Eyraud, Irina Bunda, Jehann Jack, Rasmané Ouedraogo, Zhangrui Wang, and Torsten Wezel

/05 , International Monetary Fund , Washington, DC . 10.5089/9781513583709.001 Sy , Amadou N , Rodolfo Maino , Alexander Massara , Hector Perez-Saiz , and Preya Sharma . 2019 . “ FinTech in Sub-Saharan African Countries: A Game Changer? ” IMF Departmental Paper 19/04 , International Monetary Fund , Washington, DC . 10.5089/9781484385661.087 Verkoren , Constant . 2019 . “ Financial Stability on the Road to Recovery. ” Ghana—Selected Issues Paper , IMF Country Report 19/368 , International Monetary Fund , Washington, DC . World Bank . 2018a

Ms. Ratna Sahay, Mr. Ulric Eriksson von Allmen, Ms. Amina Lahreche, Purva Khera, Ms. Sumiko Ogawa, Majid Bazarbash, and Ms. Kimberly Beaton

Note 109, Consultative Group to Assist the Poor , Washington, DC . Svirydzenka , Katsiaryna . 2016 . “ Introducing a New Broad-based Index of Financial Development .” IMF Working Paper No. 16/5 , International Monetary Fund , Washington, DC . 10.5089/9781513583709.001 Sy , Amadou N. R. , Rodolfo Maino , Alexander Massara , Hector Perez-Saiz , and Preya Sharma . 2019 . “ Fintech in Sub-Saharan African Countries: A Game Changer?” African Departmental Paper No. 19/04 , International Monetary Fund , Washington, DC . 10

International Monetary Fund. African Dept.

Free Trade Agreement .” Policy Research Working Paper 3132 , World Bank , Washington, DC . Sy , A. , R. Maino , A. Massara , H. Perez-Saiz , and P. Sharma . 2019 . “FinTech in Sub-Saharan African Countries: A Game Changer?” Departmental Paper 19/04, African Department , International Monetary Fund , Washington, DC . Trefler , D . 2004 . “ The Long and Short of the Canada-U.S. Free Trade Agreement .” American Economic Review 94 ( 4 ): 870 – 95 . Vicard , V . 2011 . “ Determinants of Successful Regional Trade Agreements