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Top 4 African Markets for Fintech Funding Value & Volume
Fintech is attracting significant investments in Africa, with VC funding for African startups heating up.
In 2019, fintech startups in Africa raised over US $1.35 billion. In 2022, the top 10 funded fintechs across the continent raised just under US $850 million between them; and Fintechs in Nigeria, Egypt and South Africa raised $761 million in total in 2022.
Over the past 5 years, the top 4 fintech markets in Africa, namely Nigeria, South Africa, Egypt and Kenya raised over US $3.03 billion collectively.
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.
