Finternet in Africa: Preparing Africa for the Financial System of the Future

Abstract

The finternet is an emerging concept in global finance. The finternet is a term used to describe financial systems that are interconnected to one another like the internet. The finternet is a vision of the financial system of the future and Africa cannot be left behind in the race to transition to the finternet. But for this to happen, there is a need to understand what the finternet really is, what it means for Africa, the benefit for African countries, the mechanisms that exist today that will bring Africa closer to the finternet and the changes that need to be made today to prepare African countries for the finternet. This article explores the concept of the finternet, its definitions, benefits, and the strategies to help African countries transition to the financial system of the future which is the finternet.