How likely is it for an African fintech startup to scale?

While Africa’s fintech industry is growing rapidly, with more and more companies being launched, scaling in the ecosystem is rare, a new report says. Of 716 fintech companies that operate in Africa according to the report, only 5% have scaled, says the study by the Wheeler Institute for Business and Development at the London Business School and the UK Foreign, Commonwealth and Development Office. The figure reflects the young nature of the continent’s fintech industry, says Robert Smith, one of the report’s authors.