A report by the IMF states: $$Fintech is transforming financial services. By leveraging technology and cloud$-$based data, financial institutions are offering products better tailored to consumers$$ needs at a lower cost. As a result, many expected that Fintech would promote financial inclusion and benefit disadvantaged groups.$2$

FinTech can increase financial inclusion. However, the prospect of FinTech to increase financial inclusion is tempered by challenges. Discuss the fundamental constraints of FinTech with specific reference to the African context.