Ranking Movement Within 5 Top Fintech Markets, by Value Raised

When looking at the Top 5 ranking markets in terms of Fintech startup activity (by value of VC funds raised) for the past 5 years, we see Nigeria consistently on top.

Nigeria with its 213 million population, 60 million unbanked population, and its $440 billion GDP economy which is Africa’s largest economy – roughly equivalent to the economy of Austria, is the dominant fintech market in Africa.

That said, in comparison to 2018, the growth over the past 5 years has been substantial. The data shows that the gap between 1st place Nigeria and the rest of the top 5 countries continues to close year after year, while all countries show fundraising growth. This means that more African markets are joining in the Fintech Ecosystem and raising capital.