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Abstract
The extent of financial exclusion in Africa drives the adoption of fintech across the continent, but the disruption it can cause hinders progress. This study therefore assesses both the probability and actual rates of fintech adoption in 32 African economies between 2002 and 2018. Based on the information spill-over and rank theories, multiple logistic regression analysis revealed that the average probability of fintech adoption for all, emerging and frontier African economies to be 50.9%, 83.1%, and 23.1%, respectively, whereas the actual rates are 27%, 40%, and 29%, respectively. The fragile economies, however, had no reasonable probability or actual rates of fintech adoption. Further, odds ratios of 1 or more- suggest a one-unit change in the predicators will exert no impact on these rates. Thus, it is concluded that emerging economies and mobile phone banking drive fintech adoption in Africa, and is largely dependent mainly on structural changes rather than economic and financial factors. The current study consequently recommends improved literacy, ICT training, and structural changes to promote fintech across the continent.