Growth, urbanisation and fintech: How Africa’s economy has evolved over the last 10 years
Africa has experienced an acceleration of its economic and digital transformations over the last decade.
According to the International Monetary Fund and the African Development Bank, growth has remained around 3 to 4%, despite crises. This is real progress, but fragile and very uneven across countries.
This evolution is driven by strong population growth and rapid urbanisation, as well as an increasingly connected youth.
In this context, digital usage has expanded significantly, particularly via mobile devices, which have become central to exchanges and services.
One of the most dynamic sectors is fintech. Companies like Flutterwave and Paystack in Nigeria have attracted international investment. In East Africa, Kenya is emerging as a hub for digital financial services.
At the same time, cultural industries, particularly music, are benefiting from digital distribution and gaining international visibility.
In terms of development, significant challenges remain, particularly the financing of infrastructure such as energy and transportation. The debt burden remains a constraint for many countries.
Finally, economic integration is progressing, but remains incomplete, despite initiatives such as the African Continental Free Trade Area.
