REPORT | Payments Projected to Continue Dominating the Fintech Landscape Until 2030

According to the report, telco-fintech players, such as M-PESA, which have led much of the segment’s growth are expected to maintain their major role, alongside grassroots fintechs.

Africa’s fintech market is projected to grow significantly, reaching approximately $65 billion in total revenue by 2030, part of a growth wave that will see North America unstaged as the leading fintech region.


“Currently, the global $12.5 trillion financial services industry is concentrated in North America and APAC, with a relatively even split between banking and insurance,” says the 2023 report by Boston Consulting Group (BCG) and QED Investors.

“By 2030, global banking and insurance revenue pools are expected to reach $21.9 trillion, a 6% compound annual growth rate (CAGR). Payments and deposits are expected to be the fastest-growing segments, with APAC and Latin America seeing the most expansion.”


Here are stat highlghts from the report:

  • Annual global fintech revenues are expected to grow 6x to reach $1.5 trillion by 2030, heavily skewed toward banking segments
  • Africa’s projected revenue of $65 billion by 2030 represents a 13-fold growth rate.
  • Following closely is Latin America, expected to achieve a growth rate of 12.5x.
  • The Asia-Pacific region is forecasted to grow by 8.5x.
  • Europe is expected to see a 5.5x increase.
  • By 2030, North America is predicted to grow by 4x.



“As the youngest and fastest-growing region globally – with a median age of roughly 19 and projected population growth of an additional 1.2 billion people by 2050 – demographic shifts and earning-power increases will deepen the need for financial access,” the report said.

“We expect some degree of leapfrogging in technology, particularly when it comes to cashless payments. In Nigeria, 73% of adults have a smartphone, but a mere 2% have credit cards.”


According to the report, telco-fintech players, such as M-PESA, which have led much of the segment’s growth are expected to maintain their major role, alongside grassroots fintechs.

South Africa, Nigeria, Kenya, and Egypt are at the forefront of the fintech advancement in Africa, due in part, to the absence of legacy infrastructure, which has enabled these countries to more readily explore new financial ecosystems designed to cater to the needs of underbanked and unbanked citizens.


Globally, payments are projected to continue dominating the fintech landscape until 2030, maintaining their position as the primary use of fintech. However, there is a growing expectation that business-to-business-to-any-user (B2B2X) and B2B services could emerge as the next significant trends in the market.

B2B2X is a business model that extends the traditional Business-to-Business (B2B) approach by involving multiple entities, typically a primary business (B2B) and various intermediaries or partners (represented by the ‘2X’), in delivering products or services to end customers.


“B2B2X comprises B2B2C (enabling other players to better serve consumers), B2B2B (enabling other players to better serve businesses), and financial infrastructure players. The latter provide customer-segment-agnostic technology solutions that support the operations of FIs or enable the delivery of financial services.”


Highlighting emerging new technologies like blockchain, the report notes:


“Multiple innovative technologies, some of which touch the realm of the futuristic, are either entering the fintech arena for the first time or strengthening a nascent presence. Their impact will likely be felt not only by all types of financial services players—which must get a firm handle on their capabilities to optimally leverage their potential use cases – but by society at large.

Among these technologies are generative AI; API-based open connectivity; DLT; quantum and edge computing; and embedded-hardware Internet of Things (IoT) and biometrics.”




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