Introduction
Riding on the back of advances in technological and digital
innovation, increased consumer expectations and universal
aspiration for financial inclusion, financial technology
("FinTech") is rewriting the scope and roles of
traditional financial methods and institutions. By leveraging key
technologies such as application programming interface, distributed
ledger technology, biometrics, and, especially, artificial
intelligence, FinTech is fast becoming a way of
life.1
From asset management to investing, lending, and payment,
financial services are now more accessible and more affordable than
ever. It is no wonder, then, that the FinTech sector has attracted
some of the most significant investments in the past years. In
2018, African FinTech companies raised about $357 million, with
startups in Kenya, Nigeria and South Africa accounting for the
largest share.2 And then in 2019, major FinTech firms
raked in over half a billion dollars in funding, with a
