Top 4 African Markets for Fintech Funding (2018-2022): Nigeria Leads the Way

Africa's fintech sector continues to attract substantial venture capital (VC) funding, solidifying its position as a key driver of economic growth on the continent. From 2018 to 2022, the four leading fintech markets—Nigeria, South Africa, Egypt, and Kenya—raised a combined $3.03 billion in funding.

Nigeria Leads in Fintech Investment

Nigeria has emerged as Africa's fintech powerhouse, securing the highest funding and deal volume in the past five years:

• Total Funding (2018-2022): $1.61 billion

• Number of Deals: 247

This dominance highlights Nigeria’s mature startup ecosystem, strong consumer demand for digital financial services, and continued investor confidence.

Fintech Funding Breakdown: Top 4 African Markets

Country	Total Funding (2018-2022) in USD	Number of Deals
Nigeria	$1.61 billion	247
South Africa	$0.63 billion	122
Egypt	$0.47 billion	107
Kenya	$0.32 billion	103

South Africa and Egypt: Emerging Fintech Hubs

South Africa and Egypt are strengthening their fintech presence:

• South Africa ($0.63B, 122 deals): Home to a mix of established banks and digital-first startups, making it a balanced fintech ecosystem.

• Egypt ($0.47B, 107 deals): A rising star with government-backed fintech initiatives and a growing cashless economy.

Kenya: A Strong Fintech Contender

Despite receiving the lowest funding among the top four, Kenya ($0.32B, 103 deals) remains a leader in mobile money and digital banking innovations, thanks to platforms like M-Pesa.

African Fintech Investment Outlook

With Africa’s digital economy booming, fintech will continue to attract global investors. As funding grows, Nigeria, South Africa, Egypt, and Kenya are set to drive the continent’s financial technology evolution.

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Related link: Top 10 Most Funded Startups in Nigeria