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Meet the Fintechs Dominating Africa’s Unicorn List

Meet the Fintechs Dominating Africa’s Unicorn List

By Erika Masako Welch 31 May 2023

The Land of Zebras and Unicorns? 

Africa may not be the first place that comes to mind when you think of unicorns, but believe it or not, the continent is home to some pretty impressive startups that have reached billion-dollar valuations. And what’s more, a significant chunk of these unicorns are fintechs, indicating the growing importance of financial technology in Africa’s economic landscape. 

Rise of the Fintech Unicorn in Africa

Globally there were 307 fintech unicorns as of Q3 2022, of which 6 can be considered African. (See table below, ‘Fintech Unicorns in Africa - as of February 2023’)

 

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Future of Fintech in Africa

The Future of Fintech in Africa

Eighteen percent of the world’s population lives in Africa, and 57% of Africans are ‘unbanked’, without a bank account or a digital wallet. This presents a massive opportunity, making fintech the most dominant and funded tech sector in Africa today. This special report highlights how African fintechs not only have one of the largest total addressable markets globally but are also crucial for achieving financial inclusion and empowering unbanked populations. The potential impact of a successful fintech in Africa is unparalleled. To learn more about the drivers, barriers, and opportunities in African fintech, as well as progress toward financial inclusion, read the special report.

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