6 Graphs That You Need to Know about the Fintech Market Landscape in Africa
Fintech Dominance in Africa
Fintech is the dominant sub-sector in Africa’s technology sector, both in terms of the number of startups and scaleups formed, as well as the amount of investment raised. According to a report by Disrupt Africa, fintech accounted for 31.4% of all African tech startups in 2020, making it the largest sector by far. Lucidity Insights research found that in 2020, that number is largely unchanged amongst scaleups – with 30% of all African scaleups who have fundraised over US $1 million, representing the fintech industry. The dominance is expected to continue, with the potential for fintech to drive financial inclusion and economic growth across the continent.