In August 2018 the Prime Minister announced the first UK-Africa FinTech partnership, which aims to deepen collaboration and build relationships between African and UK FinTech industries. The partnership has three distinct features:
- Identifying business opportunities – the Africa FinTech Investment Group is a sub-group of DIT’s FinTech Steering Board and brings together the collective expertise of the UK and African FinTech communities to identify investment opportunities to support the development of the thriving African FinTech industry.
- Building capacity within the regulators – a DFID partnership with the FCA will support regulation of FinTech in Africa, to be piloted in Kenya and Nigeria.
- Taking African FinTech innovations to scale – a £2m FinTech fund is helping Nigerian FinTechs with a focus on financial inclusion to take their innovations to scale. DFID may expand this offer to other African markets.