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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.
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.
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