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.
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.
