From 2016 to 2022, funding for African startups grew 18.5x, 45% of which was attributable to fintech per a McKinsey report. And in the eight years to 2023, nearly $4 billion in equity funding was poured into fintech startups while the sector accounted for around half of the total financing raised last year.The surge in funding is partly behind the boom in Africa’s fintech, propelling it to rank as one of the fastest-growing in the world. But the concentration of investor capital on a select few players (in 2023, 75% of all equity funding secured by African fintech startups went to just 10 companies) has inadvertently made the sector a “land of giants” of some sort – a top-heavy ecosystem that may overlook a vast untapped potential.
Friday, June 13, 2025 - 08:27:27
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