Chinese Tech Giants like Huawei Lead African Fintech Sector

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Cho Hyun-ui] It has been revealed that Chinese tech giants are leading the fintech revolution in Africa.

On the 9th, Hong Kong's South China Morning Post (SCMP) reported that China's major tech companies such as Huawei and Beijing Kunlun Technology are spearheading the 'quiet electronic financial revolution' underway in Africa, based on technologies like mobile payments and electronic wallets.

According to SCMP, on the African continent, electronic wallet services that use smartphones for fund payments are operated by more than 10 companies. Many of these services utilize technology from Chinese tech companies.

For example, Kenya's mobile payment service platform M-Pesa uses Huawei's technology. M-Pesa is a mobile payment service platform established in 2007 by Safaricom, a Kenyan telecommunications company.

Huawei also supports the operational technology of Ethiopia's mobile payment service platform TeleBirr. Although Huawei is facing difficulties due to U.S. sanctions, it still maintains influence in the African market.

Jason Chao, Huawei's global head of financial services, said, "The potential in the digital financial services sector in the African market is very large."

Huawei is not the only Chinese company exerting influence in Africa's digital financial services market. Zhou Yahui, founder of Beijing Kunlun Technology, is backing OPay, a Nigerian e-commerce and payment company.

This content was produced with the assistance of AI translation services.