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9 minutes 33 seconds
Published on March 6, 2024

Opportunities in Africa’s Startup Ecosystem

Welcome to Lucidity Insights' third and final episode in this three-part podcast series, where we take a look at the Future of Fintech in Africa. We filmed this series in Q4 2023. In this episode, we look at where the opportunities lie for investors looking at the African continent as a whole, and we find that most deal flow is concentrated in the wealthiest economies. Interestingly, nearly half of all of the wealth generated on the African continent is driven by Nigeria, South Africa and Egypt, and this is also where the most robust startup ecosystems lie. If we were to add the "plus two" markets that investors refer to, that would include Kenya and Ghana. I talk about the number of scale-ups across the continent (who have successfully raised at least US $1 million), and that over 60% of scale-ups call the top three markets home. 1/3rd of all scale-ups in Africa are fintechs, showcasing how powerful and dominant this sub-sector is. Finally, we speak into some of the challenges to achieving scale in Africa, and growing to become a pan-African player. Happy learning!

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    Future of Fintech in Africa

    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.

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