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African Fintech Funding & Funding Deals in H1 2024, by Country
Fintech remained a powerhouse in Africa's VC landscape during the first half of 2024, securing $254.6 million across 69 deals, accounting for 35% of total funding and 23% of all deals. South Africa dominated the sector, attracting 61.7% of fintech funding with $157 million across 9 deals. Egypt followed, securing $44.2 million from 13 deals, while Nigeria, despite having the highest number of deals at 16, garnered $29.4 million. Kenya and Ghana also contributed, highlighting the widespread interest in fintech innovation across the continent.
This surge in fintech investment highlights the critical role these technologies play in addressing the continent’s unique challenges, such as financial inclusion and the transition from cash-based economies to digital financial services. As fintech continues to break down barriers to banking and payments, it’s driving transformative change across Africa, making it a magnet for venture capital eager to tap into this evolution.
Related Report
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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.
