Source page: McKinsey & Company
Commentary
Cashing in on a banking boom
Fintech | Financial services | Africa
November 18, 2022 – Already a hotbed for fintech, Africa could be looking at a banking boom in the coming years. According to analysis by McKinsey partner Mayowa Kuyoro and coauthors, the continent’s financial-services market is expected to grow at about 10 percent a year through 2025, reaching approximately $230 billion in revenues. Wallets and payments are among the services that could see significant growth.
To read the article, see “Fintech in Africa: The end of the beginning,” August 30, 2022.
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Visual form
Revenue-growth chart.
Layout / body structure
The chart presents the African financial-services opportunity as a growth trajectory, with the reader moving from the current market to the 2025 revenue outlook and then reading the product categories that grow fastest inside that expansion.
What is being compared
It compares the size of Africa’s financial-services market today with its expected size by 2025 and contrasts the growth rates of product lines such as payments and wallets with the rest of the sector.
Measurement system
The main measures are annual growth rate and total revenue in dollars. Product categories are layered on top of that market-size comparison to show where the fastest growth sits.
Visible structure inside the graphic
The internal pieces are the market-growth trajectory and the product-level breakdown highlighting the fastest-expanding segments. The chart is organized to make the broad boom visible first and the category winners second.
Main takeaway from the visual
The page shows that Africa’s financial-services growth story is broad enough to lift the whole market but is especially strong in digital transaction products. Payments and wallets visually anchor the fastest-growth end of the comparison.
Key standout values or extremes
The page highlights expected revenue growth of about 10 percent a year through 2025 and a market reaching roughly 230 billion dollars. Payments and wallets are identified as the fastest-growing product categories.
Controls / sequence, when applicable
This is a static chart image with no in-chart controls to operate.
Companion media, when applicable
There is no separate companion audio or video; the chart image is the full visual on this page.