金融科技在非洲2022年初的結(jié)束-麥肯錫

TheTheendofthebeginning032334.Africanfintech’swinningformulaforlong-termsuccess43Lettherebedigital:BuildingAfrica’sfintechfuture45Abouttheauthors2ndofthebeginningFintechFintechinAfricaTheendofthebeginning3OpportunitiesOpportunitiesTheriseandriseofAfricanfintechAfricanfinancialastructuralshift:AfricaaredigitalAfricaaredigital$4-6billion$4-6billion4challengesfacing4Africanfintechs:Marketleadersshare6characteristics:113355dofflinemarket2244revenue-per-66regulatorsFastestgrowthp.a.:FrancophoneWestAfricaNigeriaNigeriaandEgypt11keymarkets=ofpopulation:TraditionalbankingcountriesSouthAfricaMoroccopocketsegB2BlendingMobilemoneyspecialistsDisruptedmarketsCteToinfluenceCrossroadsd’Ivoire,theshapemarketsCameroon,offinancial&Senegalinnovational4FintechinAfrica:TheendofthebeginningsummaryennthedyAfricanfinancialservicesareundergoingastructuralshift$230billionh$230billion1“Africantechstart-upfundingskyrockets,withfintechabigwinner,”CIO,February6,2022.Asmeasuredbythepercentageofbankingrevenues.McKinseyGlobalBankingAnnualReview,McKinsey,December1,2021.42018revisionworldurbanizationprospects,UnitedNationsDepartmentofEconomicandSocialAffairs,2018.ashanFintechinAfricaTheendofthebeginning56FintechinAfrica:Theendofthebeginning70%FourchallengesAfricanfintechsmay70%ainhecertainregulatoryenvironmentlttin5BasedonanalysisofdatafromtheWorldBankonadjustednetnationalincomepercapita.6KevinKelleher,“Unicornsarefindingithardertorunwiththepackasvaluationstumble,”Fortune,May92022.ndBuildingrobustcorporategovernancefoundationschngWhilematchingafintech’svaluepropositiontotherightmarketmaybeacriticalfirststepinbuildingasuccessfulstartup,tomaintainmomentumitisnecessarytodefineroutines,norms,andprocessesthataresharedandunderstoodbyeveryoneintheorganization.7ManishSingh,“YCadvisesfoundersto‘planfortheworst’amidmarketteardown,”TechCrunch,May19,2022.8e-ConomyAfrica2020-Africa’s$180BillionInternetEconomyFuture,GoogleandIFC,amemberoftheWorldBankGroup,2020.FintechinAfricaTheendofthebeginning78FintechinAfrica:TheendofthebeginningAfrica’sleadingfintechsshareasetofwinningcharacteristicsulngnghrThemostsuccessfulAfricantechstartupssharesixcharacteristicswithfeaturesthatmirrorthoseofsuccessfulglobalcompanies,andhavealsoadaptedtheirbusinessmodelstotheuniqueeconomicrealitiesandcustomerneedsofAfrica.hFintechinAfricaTheendofthebeginning9FintechinAfrica:TheendofthebeginningUnlockingthepotentialoffintechinAfricadndinmsm11DigitalSkillsinSub-SaharanAfricaSpotlightonGhana,InternationalFinanceCorporation2019.12JumanneRajabuMtambalike,“AsweetbiglietoldtoAfricanstartups,”Afruturist,March262022.“Inbank“Inbank-ledcountries,buildingpartnershipswithincumbentsiscriticalforsuccess.Go-to-rketisfasterthanifyouhadtobuildyourownsystems.Youcanbenefitfromtheirtechinfrastructure,anditreassurestheregulator.”300million300million“Inbank-ledcountries,buildingpartnershipswithincumbentsiscriticalforsuccess.Go-to-rketisfasterthanifyouhadtobuildyourownsystems.Youcanbenefitfromtheirtechinfrastructure,anditreassurestheregulator.”ndofthebeginningFintechinAfrica:TheendofthebeginningthepathashyRevenueopportunityforfintechscouldgrowbyupto8xifpenetrationlevelsreachthoseofmarketleaders.Totalfintechrevenuepotential,$bn02020AfricanaverageexcludingRSA~8xEstimatedpenetration1,%2.558FintechinAfricaTheendofthebeginning13Fintechinnovationisdeliveringanall-accesspasstofinancialservicesedgsssteesey14Africainvestmentreport,BriterBridges,2021.“HowCOVID-19haspushedcompaniesoverthetechnologytippingpoint—andtransformedbusinessforever,”McKinseySurvey,October5,2020.16MSMEFinanceGap:Assessmentoftheshortfallsandopportunitiesinfinancingmicro,smallandmediumenterprisesinemergingmarkets,InternationalFinanceCorporation,2017.17Thesecompriseaccountmanagement,wallets,payments,remittances,retail/SMElending,insurance,wealthmanagement,andblockchain/crypto.FintechinAfrica:TheendofthebeginningFintechgrowthwilldrivesocialbenefitsovertime.2.EducationGenderinclusion4.PublichealthPromotefemaleadoptionProvideaccesstooffinancialservicestohealthcareandhealthincreasewelfareandfamilyservices,includingmicro-productivity.insurance,toindividuals.5.Agriculture3345SocialImpact12ElevencountriesarecurrentlyattheheartofthefintechopportunityinAfrica18“Women’sDigitalFinancialInclusioninAfrica,”BillandMelindaGatesFoundation,2019.19KartikJayaram,AchaLeke,AmandlaOoko-Ombaka,andYingSunnySun,“FindingAfrica’spath:ShapingboldsolutionstosavelivesandlivelihoodsintheCOVID-19crisis,”McKinsey,April27,2020.Financialservicesrevenuesareexpectedtogrowby10%p.a.until2025,withpaymentsandwalletsbeingthefastestgrowingproducts.smarketrevenuebyproductinAfricabn230025025Blockchain/Crypto502086208RetailSMElending6n20McKinseyGlobalBankingPools.ThisanalysisexcludesEthiopia,Sudan,andDRC.Whiletheseregionsmayhavepotentialopportunity,theygenerallyhavemorechallengingoperatingenvironments.TheMobileEconomy:Sub-SaharanAfrica2021,GSMAssociation,2021.Ibid.24WorldTelecommunication,ICTIndicatorsdatabase2021(25thedition),ITU,December,2021.FintechinAfricaTheendofthebeginning15FintechinAfrica:TheendofthebeginningKeytrendsdrivingdigitalexpansioninAfricactSeventrendsarehelpingacceleratethegrowthoffintechinAfrica.KeycharacteristicsanddescriptionsentofDethroningcash3.Increasedavailabilityoffundingforinnovationgrowthinspendingc5.Young,fast-growing,andurbanizingpopulation6.IncreasingdigitalpenetrationernetFundingforAfricanstartupshasgrown18.5xoverthelastsixyears,45%ofwhichwasattributabletofintech.5,2005004003002002,0201,6791,16345%100560277367020202021ndalg25MaxRoser,“Futurepopulationgrowth,”O(jiān)urWorldinData,November2019.Ibid.HannahRitchieandMaxRoser,“Urbanization,”O(jiān)urWorldinData,September2018.8McKinseyanalysisbasedonIHSMarkitdata.FintechinAfricaTheendofthebeginning17FintechinAfrica:TheendofthebeginningofeheisprimedtoexpandintomoreadvancedfinancialservicesnC29Africa:TheBigDeal(amonthlyupdateddatabaselistingall$100K+fundingdealssecuredbystartupsinAfrica).30Dealroom.co(aglobaldataplatformforintelligenceonstartups,innovation,high-growthcompanies,ecosystems,andinvestmentstrategies).31Ibid.Whitespacesareemergingacrossthemarket,typicallyindistribution,acquisition,lending,andadvancedinfrastructure.WhitespaceAccountAccountmanagementstRetail/SMElendingeBlockchain/cryptoOperations/infrastructurerationsRemittancesmentsWealthmanagementWalletsentssuranceNoteListofservicesisnotexhaustive.PersonalFinanceManagement/BusinessFinancialManagement.Peertopeer.Individualcountrieshavedifferentregulatoryrequirements,andthiswasnotconsideredwhenassessingwhitespaces.Bankingasaservice.AntiMoneyLaundering/KnowYourCustomer.onrest32BitangeNdemo,“Theroleofcrypto-currenciesinsub-SaharanAfrica,”Brookings,March16,2022.33SethOnyango,“Africancountriesareadoptingcryptofasterthantheirglobalcounterparts,”TheAfricaReport,September28,2021.FintechinAfricaTheendofthebeginning1920FintechinAfrica:Theendofthebeginning%aa%aaFintechpenetrationinsomeAfricanmarketsexceedsglobalbenchmarks.Fintechrevenuepenetration,1202003-5%3-5%3-5%3-5%3-4%2-3%~2-4xUnitedStatesUnitedKingdometThestageissetforgrowth,butquestionsremaineain34McKinseyanalysisbasedondatafromDealroom.coandWorldometer.35McKinseyanalysisbasedondatafromDealroom.co.nlinepaymentsB2BliquiditynlinepaymentsB2BliquidityLifestylepropositiongToday'splayershavelaidthefoundationsandthenextstageofthejourneyisbeginningtounlock.ConsumerfocusedLessadvancedCash-in?Cash-outOfflinepaymentsBillpaymentstyRemittancesStatusofAfricanfintechcapabilitiesres?AnalyticsctsWealthmanagementFintechinAfricaTheendofthebeginning21“Despite“DespiterecentgrowthininternetconnectivityinAfrica,datapenetrationisstilllow,around50percentonaverage;onlyhalfofthepopulationcandownloadanapplication.Ifyoudon’tthinkofUSSD(UnstructuredSupplementaryServiceData)asachannel,youmightbecuttingoffhalfofthecake.”22FintechinAfrica:Theendofthebeginning2.AllthingsexcellentareasdifficultastheyarerareheandReachingscaleandprofitabilityueossonFintechinAfricaTheendofthebeginning23FintechinAfrica:Theendofthebeginninguren37Expertinterview.“Safaricomtakes99.9pcofmobilemoneymarket,”BusinessDailyAfrica,Mary18,2022.39NqobileDudlaetal.“PandemicspursAfrica’smobiletelcostorampupbankingbid,”Reuters,September29,2020.rrentasbelowelimited40JohnMutua,“Safaricomtakes99.9%ofmobilemoneymarket’,BusinessDaily,March18,2022.41StephenGilmour,“Egypt’sbanksincreasefocusonconsumeropportunity,”Euromoney,March31,2021.FintechinAfricaTheendofthebeginning2526FintechinAfrica:TheendofthebeginningMarketMarketAfricanmarketscanbeclusteredintofourdiscretearchetypestoachievescale.Marketexpansionconsiderations1ArchetypeCountriesDetailconsiderationsbankingcountries2.MobilemoneyspecialistsSuccessfulfintechsarelikelyvativesolutionsratherthanformalfinancialservices3.Disruptedmarketsucturectentionmarketsonrate42McKinseyanalysisofWorldBankdata,Adjustednetnationalincomepercapital(currentUS$).43Expertinterview.NavigatingacomplexregulatoryenvironmentryAfricancountriesareatdifferentstagesintheirjourneytowardscreatinganenablingenvironmentforfintech.MarketexpansionconsiderationsCountry1ExistenceofaLicensingFintechncingIdentificationncingIdentification/authenticationlKYCWealthmanagementCryptoNigeriagyptSouthAfricaMoroccoTanzaniaGhanaFintechinAfricaTheendofthebeginning2728FintechinAfrica:TheendofthebeginningochdandTheharmonizationandstreamliningoflicensingrequirements,potentiallyacrossborders,couldgoalongwaytowardenhancingthespeedandscaleoffintechgrowth.viewfrs45McKinseyanalysisofstockexchangedata.ManishSingh,“YCadvisesfoundersto‘planfortheworst’amidmarketteardown,”TechCrunch,May19,2022.McKinseyanalysisofdatafromAfrica:TheBigDeal.48Ibid.FintechinAfricaTheendofthebeginning2930FintechinAfrica:TheendofthebeginningalalAfricaninvestorsplayakeyroleinseedfunding,whilelatestagesareledbynon-Africaninvestors.50%0%Africa768221637sstisre49AfricaDeveloperEcosystem2021:Creatingopportunitiesandbuildingforthefuture,Google&Accenture,2021.50“STEMEducationinAfrica:Thepast,presentandfuture,”STEMpedia,December2,2019.WorldDevelopmentReport2021:DataforBetterLives,WorldBank,2021.52Expertinterview.ScalingHRprocesseslsautomationorganizationScalingHRprocesseslsautomationorganizationormancecanhelpsupportgrowth.Designinganambitioustalentstrategycanensuretoptalentisattracted,developed,andretained.CorporatenceStakeholderEngagementgy2BuildingrobustcorporategovernancefoundationsThreeinterrelatedfactorsunderpinastrongcorporategovernancesystem.ee11reCapabilityBuilding33keholdersFintechinAfricaTheendofthebeginning3132FintechinAfrica:TheendofthebeginningomregoArobusttalentstrategyandclearHRprocessesicalpartofworldclasscapabilitybuildingandwouldenablefintechstobuildresilientautomatedorganizationsthatfosterpersonalgrowthandperformanceandattractandretaintoptalent.50%50%“Africahaslotsoftalent,buttheyareveryunderpaid.needtobewillingtopayyourtalentproperly.”FintechinAfricaTheendofthebeginning3334FintechinAfrica:Theendofthebeginningwinningformulaforlong-termsuccessrerzevaluepropositiontothemarketofMarketleaderssharesixcharacteristics.GlobalcharacteristicsAfrican-specificcharacteristics11aluepropositiontothemarketl22activeusersquickly33learmonetizationstrategiesandrollouteffectively44per-customerAdjustserviceofferingforlow-incomepopulationandmicro-enterprises’expectationsands55rstandandveforAfrica66ignwithandworkwithregulators53Companywebsite.54TageKene-Okafor,“Withover1.3millionusers,Nigerian-basedfintechFairMoneywantstoreplicategrowthinIndia,”Techcrunch,February18,2021.FintechinAfricaTheendofthebeginning3536FintechinAfrica:Theendofthebeginningsibleevolutions231234sibleevolutions231234Fintechshavetypicallyevolvedthrough3differentscenarios.distribution11ct223344ecosystemmarketinfrastructureinfrastructuresshomecountryinfrastructureproductoreintheaphicfootprintalcaandlpopulationhadtheircreditinformationrecordedbyprivatecreditbureaus,comparedto17percentinemergingAsiaand79percentinLatinAmerica.56Payments&E-CommerceReport:MiddleEast&Africa,PPRO,2019/2020.57MutsaChironga,LuisCunha,HilaryDeGrandis,MayowaKuyoro,“Roaringtolife:GrowthandinnovationinAfricanretailbanking,”McKinsey,February2018.FintechinAfricaTheendofthebeginning3738FintechinAfrica:TheendofthebeginningCountryCountryLargeAfricanfintechshaveenteredthepaymentsmarketbysolvinginfrastructureneedsacrosstheirhomemarket.Market-entryservicesAdditionalservicesrapp20022009201020142015201620172018201920202021NigegyptNigeriaSouthAfricaNigeria2.Acquirealargebaseofactiveusersquicklye58Companywebsite.59“PalmPaytoPre-InstallAppon20MillionTecno,Infinix&ItelMobilePhones,”FintechAfrica,November18,2019.$20cond$20s3.HaveclearmonetizationstrategiesthatarerolledouteffectivelysS60Expertinterview.61Companywebsite.FintechinAfricaTheendofthebeginning3940FintechinAfrica:Theendofthebeginning4.Managelowerexpectedrevenuepercustomeran62McKinseyanalysisofdatafromIHSMarkit.63Ibid.nderstandandaddressAfricasofflinemarketketNigeriahasanetworkofover700mobilemoneyandbankingagentsforevery100,000adults,with43agentsforeachATMintheenumbersaree