Thanks to the wind of hard work and entrepreneurship blowing across Africa, the continent now has over 300 active FinTech startups.
That is according to a report the Disrupt Africa titled ‘Finnovating for Africa: Exploring the African Ecosystem 2017.’ The report goes further to say that although these FinTech startups are scattered across the continent, parts like West, South, and East Africa register more concentration. Countries such as Nigeria, South Africa, and Kenya show outstanding startup growth in their respective regions.
The FinTech startups in Africa have managed to attract investors’ interest from both within and outside the continent. Collectively, they have been able to raise over $31.4 million more than any other sector that was being tracked in the 2016 report. To be exact, the report by Disrupt Africa puts the total number of FinTech startups across the continent at exactly 301.
The report also went forward to give insight in exactly which category within the FinTech sector have the most active startups. Under the nine categories observed, payment and remittances services came out leading at 41.5% and lending and financing following closely.
“FinTech is clearly a vibrant space within the African tech scene, perhaps the most vibrant of all. Increasingly, investors are seeing the huge potential the space has to offer,” said Tom Jackson, a co-founder of Disrupt Africa. “We hope this report will provide valuable insights and leads to both startups and funders in the space, and contribute to the evolution of the sector for the benefit of all.”
The report also has other vast information, which any stakeholder in the Africa technology space will find useful. You can see the full report at this link.
