African Press tells the Fintech Story in captivating ways.

March 14, 2024
1 min read


  • International and African media coverage often focuses on “afro-optimism” instead of “afro-pessimism.”
  • Critics argue that fintech may not produce significant progressive change and can be exploitative.

In recent years, the media narrative surrounding fintech in Africa has shifted towards a more positive outlook, often dubbed as “afro-optimism.” This shift contrasts with previous themes of “afro-pessimism” that portrayed the continent in a negative light. While many see fintech as a tool for economic growth and development, critics have raised concerns about its potential impact.

Some critics argue that the claims of fintech bringing about significant positive change may be exaggerated. They highlight the exploitative and predatory nature of some fintech practices, pointing out that it can further enrich the already wealthy and contribute to existing inequalities. These critical voices call for a more cautious and skeptical approach towards fintech in Africa.

It is essential to consider both the benefits and potential drawbacks of fintech in Africa’s development. While it has the capacity to drive innovation and financial inclusion, it is crucial to address the ethical and social implications of its widespread adoption. By critically examining the narratives presented in the media, it is possible to have a more nuanced understanding of the role of fintech in shaping Africa’s future.

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