Top 3 Investment Sectors in Africa (2019-2023): FinTech Leads the Way

Africa’s investment landscape has been rapidly evolving, with FinTech, logistics, and energy consistently ranking as the top three most funded sectors. As of Q3 2023, FinTech remains the dominant force, attracting the highest capital inflows.

Key Highlights (2019-2023 YTD)

FinTech leads Africa’s investment scene – 1 in 3 scaleups raising over $1M are in FinTech.
Logistics & Transportation remains a key sector due to infrastructure challenges.
Energy sector continues to receive strong backing, especially for renewable solutions.

FinTech’s Continued Dominance

Largest share of equity funding in Africa
Key players driving financial inclusion & digital banking
Strong investor confidence despite global funding slowdowns

Investment Trends by Year

2019-2020: Steady growth, early momentum in digital finance & logistics
2021: Record-breaking investments, FinTech surges
2022: Peak funding levels, driven by large-scale FinTech deals
2023 YTD: Funding slowdown, but FinTech remains Africa’s #1 sector

Conclusion

Despite economic fluctuations, FinTech, logistics, and energy remain the core investment pillars in Africa. As the continent embraces digital transformation, FinTech continues to lead, with logistics and energy playing critical roles in economic development.

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Author

Lucidity Insights Research Team

We are a team of passionate Researchers, Data Junkies, and Story-Tellers that believe there is not enough quality business insights and compelling data analysis available in the marketplace, told in the formats users want. We want to give an insider's look into the industries, businesses and economies that are changing the world today, so our users can become inspired, empowered and equipped to run their businesses as best they can.

Related Report

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.

Top 3 Sectors Invested in Africa, by Quarter (2019-2023 YTD)