According to Disrupt Africa’s Finnovating for Africa 2019 report, Africa’s FinTech sector is growing at a fast pace as the number of start-ups operating in the space grew by more than 60% in the last two years.
The report says further that South Africa, Nigeria, and Kenya remain the main three markets, with 141, 101 and 78 active ventures respectively with this accounting for 65.2% of Africa’s FinTech start-ups.
The landscape report finds out that the number of active FinTech ventures across the continent has grown to 491 from 301 in 2017.
As African FinTechs begin to ‘rebundle’, there is a marked increase in the number of companies focusing on two or more distinct types of financial services, and we see moves towards fully-fledged, all-service digital banks on the continent.
Disrupt Africa further disclosed that African FinTech companies have raised just shy of $320 million in funding since January 2015, and last year’s total amount of US$132.8-million was the best year yet.
Co-founder of Disrupt Africa, Gabriella Mulligan noted that the financial services landscape in Africa is following a very unique trajectory compared to other geographies.
She stressed that the most remarkable about this trajectory is that is it being driven by entrepreneurs and their home-grown innovations.
The co-founder also said: “We hope this report affords our readers an interesting insight into the FinTech revolution taking place across Africa”.