The Institute of Chartered Accountants in England and Wales (ICAEW) has recently issued its latest Economic Update for Africa for Q1 2019, which includes economic forecasts for the region.
Within the continent, East Africa is expected to remain the strongest growing region with a 6.3% economic expansion this year.
Ethiopia, Rwanda, Tanzania, and Uganda are all expected to record real GDP growth above 6% in 2019.
Infrastructure investment and the expansion of financial and telecoms services continue to support the growth in these countries.
FinTech, in particular, provides a leapfrogging opportunity to foster inclusive economic growth and development, if managed appropriately.
ICAEW reminds that East Africa has already established itself as the global leader in mobile money transfer services.
Tanzania is one of the world leaders in mobile money transfers, with 44% of adults having access to it and a total of 16m subscribers.
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