Written by Gitura Mwaura
Many do not find numbers friendly or easy to digest. They are often dismissed with the truism that behind every statistic is a real person’s life. Yet figures harbour a compelling story about where Africa and the world are headed with the continent’s youth bulge. Let’s start with employment.The Africa Youth Employment Clock indicates that the continent has over 546 million youth aged 15 – 35. Monitored by the World Data Lab in partnership with the Mastercard Foundation, the Clock tracks youth job growth and forecasts youth employment trends through 2030.
As of writing this, 312.2 million (57%) of these youth were employed. Students make up 23% of the population, leaving a significant portion who are either unemployed (4%) or inactive (15%).
Inactive youth number almost 82 million. These young people are defined as ‘not in employment, education, or training’ (NEET) and are not actively looking for work.
One may impute any moral or practical reason why they are inactive. But the NEET population represents an untapped resource that could be ‘awakened’ through digital skills.
A study by the World Bank’s International Finance Corporation notes that demand for digital skills in Sub-Saharan Africa is powered both by latent economic growth and the digitisation and automation of agriculture, manufacturing, and services, including fintech services or technologies.
The IFC estimates that potential business-to-business and business-to-government opportunities in Sub-Saharan Africa could generate $120 billion in revenue. To realise this potential, 625 million people with digital skills will be needed. By 2050, approximately 40 percent of the world’s population under 18 will have been born and raised in Africa, positioning them to become the world’s digital skills workforce.
Anticipating this, Rwanda’s National Fintech Strategy 2024–2029, for example, includes a key component to enhance talent development. This aims to build a skilled workforce, recognising that shortage in skills could constrain ecosystem growth.
Armed with these insights, the time to start preparing is now, which may emphasise the importance placed on talent and careers at the Inclusive Fintech Forum on 10 - 12 March 2026 Kigali Convention Center.
The other side of this is the fact that Africa’s youth are its primary consumers of digital products. Urbanisation is a huge part of the story.
An African Union and UNDP analysis looking at this observes that the number of cities in Africa rose from 3,300 to 7,600 cities between 1990 and 2022, seeing their accumulated population grow by 500 million people.
Projections indicate that the continent will grow by 900 million inhabitants by 2050, most of whom will be young people clustered in cities with significant spending power. Africa’s biggest 18 cities will be expected to spend $1.3 trillion. By 2030, more than 1.7 billion consumers on the continent are forecast to spend a total of $2.5 trillion.
It, however, will all depend on enterprise and, as regards fintech, adoption as well. Fintech adoption is a complex concept, one that is influenced by various enablers and barriers that cut across demographics and socio-economic situations that uniquely define each country, and therefore the continent.
The enablers and barriers are two sides of the same coin, spanning economic, technological, regulatory, and behavioural dimensions. On the economic front, factors like high transaction costs and cost-effectiveness are weighed against incentives and the potential for increased revenue and profitability.
Technologically, the landscape is shaped by internet and smartphone accessibility, internet penetration, and the rise of personalised AI-driven services, though these are often hindered by limited financial and digital literacy.
On these issues, the Inclusive Fintech Forum is well seized, and they will receive an in-depth look in the discussions.
Written by Gitura Mwaura
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