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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

-Saharan Africa leads the world in mobile money accounts per capita (both registered and active accounts), mobile money outlets, and volume of mobile money transactions ( Figure 2 ). Mobile money account penetration in sub-Saharan African countries recorded a remarkable increase of almost 20 percent between 2011 and 2014, largely driven by ongoing financial innovation. In addition, close to 10 per-cent of GDP in transactions are occurring through mobile money, compared with just 7 percent of GDP in Asia and less than 2 percent of GDP in other regions. Most transactions are used

International Monetary Fund. African Dept.

. “Tontines” and Financial Inclusion FIGURES 1. Macro-criticality of Financial Inclusion, 2014, 2016 2. Financial Inclusion, 2014 3. Mobile Accounts Penetration, 2014 4. Barriers to Account Ownership, 2014 TABLE 1. Financial Sector Overview, 2016 ANNEX I. Empirical Strategy and Results References

Mr. Mauro Mecagni, Daniela Marchettini, and Mr. Rodolfo Maino

higher than in Latin America and the Caribbean ( Figure 2.1 ). 3 Ongoing innovation in SSA payment methods is likely, however, to address some of the difficulties that these countries still face in moving to noncash means of payment (see “Access” section below). Figure 2.1 . Sub-Saharan Africa and Latin America: Ratios of M1 to M2, 2001–14 Source: IMF, International Financial Statistics. B. Access Access has also improved in recent years. Account penetration in SSA countries has recorded a remarkable increase of almost 20 percent between 2011 and

International Monetary Fund. Asia and Pacific Dept

use any form of financial services. Moreover, formal credit is highly concentrated within only a few large districts in Nepal—Kathmandu, Parsa, and Kaski. While credit in the Kathmandu district amounts to about NPR550,000 per capita, credit in Nuwakot—a district within a 50-kilometer radius from Kathmandu—only amounts to about NPR1,300 per capita. Metropolitan areas average nearly 3 accounts per person, while rural areas average only 0.16 accounts per person. Savings account penetration in Kathmandu—Nepal’s capital—is 10 times higher than in Baitadi—the far western