Over the years, Africa has seen significant growth in its Financial Technology sector. According to 2021 data, there are approximately 573 fintech startups across various African verticals. The rise of fintech can be attributed to relatively affordable smartphone penetration, easy access to the internet, broader network reach, and a youthful, expanding urban population.
Funding in Africa is distributed between fintech, e-commerce & retail tech, e-health, logistics, ed tech, agri-tech & energy.
However, the fintech sector has consistently been the most attractive to investors in Africa, securing the largest share of funding. Despite a global slowdown in tech funding, African fintechs raised $ 1.9 billion in 2022. In 2023, fintech startups garnered close to $964 million in funding, significantly outperforming other sectors.
At the 3i Africa Summit, we spoke with key stakeholders about their thoughts on the fintech ecosystem. Watch below:
