Fintech in Sub-Saharan Africa: What Has Worked Well, and What Hasn't

34 Pages Posted: 17 Sep 2018 Last revised: 1 May 2022

See all articles by David Yermack

David Yermack

New York University (NYU) - Stern School of Business

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Date Written: September 2018

Abstract

The FinTech sector has begun to grow rapidly in sub-Saharan Africa. I document far greater adoption of social media, digital currency, ride sharing, and other FinTech applications in countries with a common law legal heritage compared to those with a civil law system, suggesting that legal origin plays a critical role in setting the stage for growth through entrepreneurship in the developing world. The electrical, telecom, and Internet infrastructure required for FinTech has been built out more extensively in common law countries. Financial inclusion outcomes are also better in emerging markets that have a common law heritage.

Suggested Citation

Yermack, David, Fintech in Sub-Saharan Africa: What Has Worked Well, and What Hasn't (September 2018). NBER Working Paper No. w25007, Available at SSRN: https://ssrn.com/abstract=3246830

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