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Number of Scaleups in Africa vs Number of Fintech Scaleups
There are thousands of startups across the African continent, with over 800 scale-ups. Scaleups are startups that have successfully raised over US $1 Million in funding and publicly disclosed these figures. >34%, or over 270 of those 800+ scaleups are Fintech players. Nigeria, South Africa and Egypt are collectively home to 60% of all scaleups across the African continent, and 62% of all the fintechs in Africa.
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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.
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