Rand Merchant Bank (RMB) Botswana is a division of First National Bank of Botswana Limited, an authorised financial services provider, registration number: BW00000790476.
RC 1031371 Copyright © FirstRand 2026. All rights reserved.
Rand Merchant Bank (RMB) Botswana is a division of First National Bank of Botswana Limited, an authorised financial services provider, registration number: BW00000790476.
RC 1031371 Copyright © FirstRand 2026. All rights reserved.
The African continent is set to remain the second fastest growing economy in the world. In this episode of RMB Africa Focus, Crystal Orderson explores how Africa’s use of Innovation and Tech is driving growth across the continent.
Crystal unpacks growth in Africa in 2024 and the potential for further economic expansion on the back of the increased use of Innovation and Tech on the continent.
Growth in Africa – where are we in 2024:
Economic growth has been Africa’s story for some time and is set to continue with 11 of the world’s fastest-growing economies situated on the African continent. Africa is seeing a growth of between 3.8% and 4.2% in 2024, which is higher than the global average growth of 2.9%. East Africa is leading Africa’s growth momentum with an expected growth of 5.1% in 2024 and 5.7% in 2025, with Rwanda, Ethiopia, Tanzania, Uganda, and Kenya at the forefront of the growth. West Africa is also projected to grow by 4.4% this year.
How is technology driving growth?
“Technology has been a big game changer in Africa.”
There is a big push for digitisation across the continent, especially with regards to fintech. The higher mobile penetration across Africa and increased access to Wi-Fi have enabled the rise of digital banking and greater financial inclusion. Traders and individuals across the continent are now able to access credit and participate in the formal economy.
Digitisation and Agriculture
“Small-hold farmers hold the key to development in most African countries.”
Access to the internet has helped farmers increase their profitability across the continent. And, where access to tech and mobile platforms is limited, like in Rwanda, where 70% of the workforce are farmers, but mobile penetration is low, shared phones are used to connect farmers to the financial services they need. Every farmer in the community, through the use of a single phone, can buy seed and fertiliser on credit and be paid via mobile money.
Banks have an important supporting role to play by facilitating trade and investment flows that enable growth. While risks remain, Africa's large population and innovation present significant opportunities that can no longer be ignored. East Africa is leading the way by embracing new technologies to address challenges and build a sustainable future for the continent.