The so-called emerging FinTech markets are often driving innovation and using technology differently. At Freemarket, we think of regions like Sub-Saharan Africa as innovation markets rather than emerging markets. They’re not playing catch-up to become like the more established markets in Europe and the USA. Just as they did with mobile banking, they’re using new technology to leap-frog more mature regions. For example, Sub-Saharan Africa has all the ingredients to quickly develop an effective payment network. It has high costs, but increasing demand, a tech-savvy population and strong growth.
The region has already shown its talent for innovation in the adoption of a mobile-first culture. The average media age of the population in Sub-Saharan Africa is around 19. This youthful populace has a high readiness for mobile payments in business and for the consumer, alongside trust in regional brands. Fintech offerings that do well in terms of adoption, do so when they’re connected to strong, local partners. We see demographic and social structures in the region which favour mobile, low-friction payment models, aligned with community trust.
Now speed is being used as a de-risking tool. For many in the Freemarket network, instant settlement lowers trading risk when compared to the longer processing times of fiat transactions. Our business clients get the benefit of the trade very quickly, which drives growth because they can concentrate on running their businesses well.
Andy Lyons, Freemarket’s Chief Growth Officer says; ‘an effective network is an accelerator in a region where payments services are expensive and often slow. For many of our clients, near-instant payments and ease of movement are transformational for their businesses. They also benefit from the stability and service we offer, that other providers can’t match”.
The region is home to over 40 currencies, This can put a burden of foreign exchange on a business. Reducing trade barriers in the region is expected to encourage growth of around 30% CAGR . This should expand business-to-business cross-border flows, including those of small and medium-sized enterprises, which provide 80% of employment in Africa.
These faster cross-border payments become an economic enabler. Weak FX pairs raise transfer costs, which has already created an opportunity for low-cost digital providers. Along with volatility pressures, this could provide an opening to bring stablecoins into the network. Many African currencies are expected to remain volatile against the US dollar, as well as experience challenges with currency shortages and liquidity management. This makes stablecoins more attractive and we see them becoming more a mainstream, regulated part of the foreign exchange infrastructure, reducing reliance on correspondent banking and lowering costs.
Joining the Freemarket network balances innovation with stability. Fintechs are beginning to build trust through compliance in areas like data privacy and AI adoption, particularly in key markets in West Africa. Regulation is aligning with international standards, which in turn reduces the likelihood of systemic risk. New regulatory frameworks are turning nascent financial markets into more stable, investor-friendly environments.
At the same time, growth remains constant. Sub-Saharan Africa is forecast to ‘firm to 4.3% in 2026’. In Nigeria, growth edged up to 4.2 percent in 2025, with the increase driven by expansion in the services sector, especially the finance and information and communication technology sectors, alongside a modest recovery in agriculture, and the country’s emergence as a net exporter of refined petroleum products. Growth in Nigeria is forecast to strengthen to 4.4 percent in both 2026 and 2027; the fastest pace in over a decade.
For Fintech in this innovation market, we expect to see a shift from hype to stability. The growth-at-all-costs will move to a more mature, sustainable phase of regulated growth. The sector will focus on becoming a foundational infrastructure that powers the broader digital economy. It’s time to join this emerging market’s new instant payment and stablecoin network.