Volume and Value of Fintech Deals in the Top 3 Markets in Africa
Nigeria dominates in both the number of startup deals getting inked as well as the amount of funding raised.
Nigeria’s fintech fundraising has grown by 39% on average, year on year, across the past 5 years. The trend is upwards, though Nigeria tends to have large years, followed by a decline in fundraising, only to break records again and repeat the yo-yo effect.
Though South African fintechs have raised more capital than Egyptian fintechs over the past 5 years, Egyptian fintechs raised more capital in 2022, and have grown 139% CAGR since 2018.
In contrast, South Africa has only grown fundraising 45% on average across the same time period. If trends continue, Egypt could well cement its 2nd place positioning over South Africa in 2023.