The growth of the African fintech sector is highly concentrated in a few countries. From a PFM perspective, East Africa is a low insurance / investments focus market, and will be tough for fintechs to make an impact, except where the . According to the Africa Centre for Strategic Studies, up to 96% of cybersecurity incidents in Africa go unreported or unresolved this means that cyber threats on the continent are likely much worse than the official statistics. Between January and September 2021, African fintechs raised up to $1.4 billion, signalling an increasing investor appetite for Africa's growing fintech space, and Nigeria has taken centre stage.. Fintech deals represented around 44 per cent of startup investment activities. In Africa, there were 94 disclosed deals in 2020, amounting to a total of $1.35 billion (including M&A), compared to 74 disclosed deals amounting to $1.04 billion in 2019. Last year, fintechs accounted for nearly $3 billion, or two-thirds of all the investment secured by African startups, per a report by markets insights firm Briter Bridges. Number of FinTechs in DRC (at the end of year) Most start-up FinTechs were created less than four years ago and are led by young men. "The number of fintechs in Africa is exploding with thousands being set up every year," said Geoff Miller, Chief Commercial Officer for Provenir. Gearbox inventors have created a space of about 25,000 square feet for potential hardware developers to create globally competitive innovations. According to our data, roughly $2.8 billion was raised by Africa-focused fintech companies in 2021 across more than 180 disclosed deals. Analysis by Briter, which includes data from . With the entrance of new players into the payment services market and the strengthening of the financial networks, a growing number of underserved Nigerians had access to cost-effective banking services.. Visa/Interswitch On November 12, 2019, Interswitch, Africa-focused integrated digital . Location Africa. "We want to bank every African on the planet, wherever you are in the world," Kuda . By contrast, there were 7,385 in EMEA (Europe, Middle East, Africa) and 4,765 in APAC (Asia-Pacific). Fintech in Africa. That's more than double the $1.35 billion raised by fintechs in 2020 and three times the amount secured in 2019. 45%: The percentage of Nigerian adults that have a bank account Just 47.6 million of the 106 million adults in Nigeria have a bank account, according to a 2020 survey by Enhancing Financial Innovation & Access (EFInA). FinTechs have been This amount was double the previous year's investment, and nine times. Africa has been touted as the next up-and-coming fintech hub after China as it is currently home to about 600 fintech startups according to Disrupt Africa. Flutterwave Flutterwave was founded in 2016 in Lagos, Nigeria and its. Despite pressure on funding due to COVID-19, fintechs have already doubled its investment total in the first six months of 2021. As of May this year, Gearbox has enabled 22 start-ups to design hardware that they use to address common challenges facing people in Kenya, says William Maluki, head of engineering at Gearbox, Kenya. These The number of registered mobile money accounts in Sub-Sahara Africa stood at 395.7 million as of 2018. . The country reportedly had the highest number of fintech app installation in Africa in the last year. . The company was founded in 2013 and is based in Nigeria, and it has over 5 million customers across Africa and employs over 800 people worldwide. African fintech investment flows over time Fintech Pulse of Fintech H2 2021 - ASPAC Pulse of Fintech H2 2021 - EMEA In 2021, fintech investment in EMEA reached $77.3 billion with 1,859 deals. According to findings by Disrupt Africa, the number of fintech start-ups based on the African continent grew to 576 in 2021. . Saturday, Sep 24, 2022. . Together, the three countries. Between 2020 and 2021, the number of tech start-ups in Africa tripled to around 5,200, and just under half of these are fintechs, write senior partner Max Fltotto, partner Mayowa Kuyoro, and managing partner Tunde Olanrewaju in a recent report. . This is in line with the increasing demand for the digital financial services offered by fintechs. Africa is becoming a popular fintech hub in the world as it comprises a massive tech community of startups, and neobanks, IMF report. . Average Founded Date Apr 8, 2016. African fintech was one of the big stories of 2021, with the amount of funding for African fintech increasing to $2 billion compared to half a billion in 2020. In South Africa, that number is 7% as at 2020; 11% in Kenya as at 2019; 7% in Rwanda as at 2020; 39% in Burkina Faso as at 2016; and 36% in Cameroon as at 2017. by 2022, it's predicted that 800+ fintech companies from sub-segments including payments, open banking, regtech and compliance, smart lending, insurtech, blockchain, and cybersecurity solutions for the financial industry (such as anti-money-laundering, anti-fraud, identity theft, identity management, and others) will raise over $2 billion in In NA, EMEA, and APAC, there were about 5,600, 3,500, and 2,800 newly founded fintechs in both 2018 and 2019. The Fintech Times 's Fintech: Middle East & Africa 2021 Report highlighted the importance of South Africa in the wider Middle East & Africa (MEA) landscape. A number of fintechs have developed trust-centred . Johannesburg, South Africa, 17 January 2019. Some fintechs operate across more than one segment, in which case, they have been included under both segments, increasing the total number of fintechs to 224. Nigeria followed closely with 144 fintechs, while other 93 had headquarters in Kenya. While investments grew in 2021, the bulk of the funding went to a small number of startups. Standard Bank may be the biggest lender in Africa, but it still faces challenges from up-and-coming fintechs. As of November 2021, there were 10,755 fintech (financial technology) startups in the Americans, making it the region with the most fintech startups globally. In Africa, a number of startups have raised lots of money to fuel their growth. Technology is playing a very important role in the development of the continent and especially in the realm of FinTech. Kuda raised $10 million in 2020 to pursue its mission of delivering low-cost banking to Africans, starting with Nigeria. Global investments in FinTech and the number of startups in FinTech has grown exponentially in the period 2014 - 2015. Briter Bridges pegged total 2020 VC for . In comparison, there were 9,323 such. The rapid Internet penetration through smartphones over the past decade largely contributed to the growth of Africa's e-commerce. From 2014 to 2020, for instance, Fintechs raised about $600 million in funding, attracting 25 per cent($122 million) of the $491.6 million raised by African tech startups in 2019 alone - second . The ARA alleged that both companies siphoned up to $6 billion with the suspicious movement of funds. The United Nations Conference on Trade and Development (UNCTAD) reported that the number of online shoppers in Africa surged annually by 18% since 2014. The number of African fintech has grown by 17.3% from 491 in 2019 to 573 in 2021 (Disrupt Africa, 2021). Percentage of Public Organizations 0%. When Paystack and Flutterwave launched in 2016, it was a massive game-changer for Nigeria's financial sector, enabling thousands of other businesses to receive payments for their services. and it is becoming more and more common throughout Africa. Figure 2. The number of active fintech startups has increased by 17.3% to 576, which represents a slowdown in growth in the previous two years, but nonetheless means the number of fintech startups active in. Number of For-Profit Companies 724. Despite massive demand, payment corridors between Africa and the rest of the globe are the most expensive in the world. The Africa Fintech Network brings our continent's fintech leaders, organisations and stakeholders together: To exchange ideas and information To promote and support the creation of innovative technologies and their deployment across Africa and beyond To pursue excellence in all our collective endeavours and leave no member behind According to African Tech Startups Funding Report that was released by Disrupt Africa, fintech is the most common destination for funding in the technology sector after solar in 2015. Nigeria counts more than 160 fintech companies, which raised US$122 million in funding in 2019, according to the 2019 African Tech Startups Funding Report. Wealth Migrate. In 2017, 43% of adults in Sub-Saharan Africa had either a bank or mobile money account, up from 34% in 2014. Still, a number of Africa-focused neobanks are making headway. And whilst adoption of traditional banking services is slow and has risen only by 4% since 2014, the share of people with a mobile money account almost doubled to reach 21%. Estimates suggest that some 30 million Africans reside outside the country of their birth with remittance inflows into sub-Saharan Africa alone amounting to around USD$47 billion. HERE IS THE LIST OF TOP 10 FINTECH COMPANIES YOU CAN TRUST IN GHANA 1. Notable fintechs in Ghana include Emergent . Africa represents a large growth opportunity for buy-now-pay-later (BNPL) service providers. 1. Funding to payment companies in Africa. Industry Groups Financial Services. Amediku (speaking at Citi FM and Citi TV's FinTech Summit in 2018), said the new payment systems law will limit the number of fintechs to be licensed. Jumo. Nomanini. It operates as a full-stack fintech company, providing both the front and back end of the payment process. Fintechs also account for 95.95 per cent of this year's fundraising announcements, with OPay, Flutterwave, and Kuda leading the pack. "These fintechs are raising record investments as they seize the opportunity to provide a more responsive customer experience. The history of unicorns in Africa begins with Jumia. The results of the market scanning exercise reveal a total of217 active operational fintech companiesin South Africa at the time of analysis (May 2019). The Sun Exchange. The main business model is B2B in order to build a strong base of partners and set a foundation for future growth, closely followed by B2B2C. In Sub-Saharan Africa, data from the International Finance Corporation (IFC) shows that the level of financial inclusion grew from 23% in 2011 to almost 43% in 2017, with a significant propo . The four main fintech hubs are Egypt, Kenya, Nigeria and South Africa. This digital industry has experienced consistent growth since 2016 in terms of both the number of transactions and financing volume. This is according to the new State of Finance App Marketing Report by AppsFlyer, the global marketing measurement leader. However, customer acquisition and sustainable growth may be hampered by infrastructure constraints and low customer purchasing power. Africa's fast-growing population of more than 1.3 billion people offers a large potential market for fintechs to connect with. Welcome to the vibrant Fintech Ecosystem About US FinTech Association of Nigeria (FintechNGR) is a self-regulatory, not-for-profit and non-political organisation incorporated in Nigeria by the Corporate Affairs Commission CAC and a member of the global body Global Fintech Hubs Federation. The Association was established to serve as a platform for the development of the financial technology . Fintech refers to the integration of technology into offerings by financial services companies in order to improve their use and delivery to consumers. The year 2021 saw more and bigger deals closed in Africa, as tech startups across the continent raised close to $5 billion. Meanwhile, Nairametrics had reported that the transactions recorded by some Fintechs in 2019. Acquire a large base of active users quickly. Flutterwave (Nigeria) links businesses to other markets around the world; Chipper Cash (Uganda) allows users to transact across the continent and beyond and Eversend (Uganda) provides a variety of financial services via its multi-currency . Furthermore, the country attracted roughly 25% of the $491.6 million raised by African tech startups in 2019 alone. However, the right to be called South Africa's fintech capital is hotly contested between Cape Town, which has 45 fintechs, and Johannesburg with 46. . The 10 most popular fintech companies in Africa are: 1) RainFin Nigeria is a major growth. Number of Founders 861. 2. Nigeria, with about 200 million people and Africa's largest economy, is a viable market for fintech startups. In August, Kuda Bank, a London-based start-up operating in Nigeria, where it has 1.4m registered users, raised $55m in a funding . the continent had 143 multi-category fintechs operating in 2021 . The only other African countries in the Tier-2 category were Nigeria, Kenya, Egypt, Mauritius, Ghana and . This compares with just 7 percent of GDP in Asia and less than 2 percent of GDP in other regions. In developing economies like that of Africa, mobile money represents one of the main alternate channels to get financial services to the unbanked. Fertile field for fintechs and scammers. Find below are the list of Fintech Companies In South Africa. At least 60% of the SSA population are unbanked, these financial gaps left by traditional services are being plugged through mobile financial services and payment technologies provided by FinTech companies. The region's growth is evidenced by fintech attracting the lion's share of Africa's tech funding in 2020. Cube Robotic Limited A problem-solver like no other except Cube Robotics Limited uses artificial intelligence and robotics to create financial solutions for people in Ghana. Overall, we anticipate that the growth opportunity in fintech is likely to be concentrated in 11 key markets: Cameroon, Cte d'Ivoire, Egypt, Ghana, Kenya, Morocco, Nigeria, Senegal, South Africa, Tanzania, and Uganda, which together account for 70 percent of Africa's GDP and half of its population. The South African Reserve Bank (SARB) ran the Project . Yes, these companies are disruptors in the Nigerian Financial industry; they are called FINTECHS. Despite the visible growth, the financial exclusion rate is . Earlier in the year 2021, precisely in March, Flutterwave one of Nigeria's fintechs, raised a series C funding of $170M, at $1 billion valuation. There have now . Behind the numbers. Some of Africa's most successful fintechs are also building links with the continent's global diaspora. Between January and August last year, the . by International Finance Business Desk May 29, 2020 May 29, 2020 0 1224. In 2019, Partech Africa reported that a total of $2 billion went into African startups. Seed deals dominate in. Jumia, founded in 2012, emerged as the first tech startup with a valuation of $1 billion . This amount was also more than double the $1.35 billion investment that fintechs in Africa raised in 2020, and triple the amount in 2019. TymeBank. The following are the top fintech firms working to bridge the financial services gap in Africa's various demographics. South Africa is not the world's biggest fintech hub but with an emerging market for financial technology, it is soon becoming a rising star. These 4 African countries made up ~85% of the total fintech investments in Africa in 2019 and received ~82% of the total investment in 2020. Paga was founded in 2009, as one of the earliest digital payment companies in Nigeria and Africa. Percentage Acquired 4%. Israel, with 750 fintechs, and the UAE, with over 400, took the top premier global fintech hub status (noted in the report as 'tier-one') as they both not only have strong advanced economies but also clear fintech and wider tech ecosystems that are mature. (Photo by Dean Hutton/Bloomberg via Getty Images) . Most African users now rely on mobile payments to send and receive money domestically. The protocol is being constructed as a platform for the management, trade and use of digital assets, and will be merge-mined with the Monero blockchain. Highlights. Worse still, Africa doesn't have enough specialists to defend itself from the growing threats. (Statista) 3. Here are five key stats that sum up the state of, and the opportunities in, Nigeria's booming fintech sector. Segmentation of fintechs in South Africa (2019 count), Fintech Scoping in South Africa, Nov 2019 Behind South Africa is Nigeria, Africa's largest economy. GSMA data shows that, by the end of 2018, Africa had 534 million basic and feature phones and a slightly lower number of smartphones: 523 million. According to a report by Frost and Sullivan, the fintech space is expected to grow by over $543.3 million in 2022. "The number of fintechs in Africa is exploding with thousands being set up every year," said Geoff Miller, Chief Commercial Officer for Provenir . African tech start-ups raised $350 million in the first quarter of 2020, 16% up from 2019, and the region's fintech ecosystem grew by 60% in the five years to 2019. constraints which presents more opportunities for fintechs. Africa currently hosts around 500 fintech firms, most of them in South Africa, Nigeria, and Kenya. The country was ranked as an emerging fintech hub (tier-2) in the middle category. On the other hand, banks can provide . In Nigeria, for instance, the number of banking agents jumped by 517% to 237,000 in December 2019 from 38,400 in December . $236.24 million for African startups in May Twenty-five African startups raised a total of $236.24 million in May 2022, 220% of April 2022's figures, but not close to any of the months in Q1. Around $1 billion of that sum was raised by payments companies. Announced on 13 th May 2020, the 40 DAYS 40 FINTECHs project is bringing together 40 Africa based Financial Technology companies with Women led FinTechs given special attention. Sub-Saharan Africa is the only region in the world where close to 10 percent of GDP in transactions occur through mobile money. A report published by data research company Briter Bridges and the tech accelerator Catalyst Fund in May concluded that fintech funding in Africa increased from $1bn in 2019 to $1.35bn last year, despite the impact of the pandemic, and although other emerging market regions raised more in absolute terms, their funding fell last year. Yoco. Global fintech investments in H2'21 recorded US$210 billion across 5,684 deals Pulse of Fintech H2 2021 - Americas In 2021, fintech investment in the Americas reached US$105.3 billion with 2,660 deals. CB Rank (Hub) 17,105. Among the largest beneficiaries of the fintech capital were Opay, . Africa's is booming with an increased number of fintechs. Percentage Non-Profit 1%. The seed round funding was the largest ever in Africa. The EY report "FinTechs in Sub-Saharan Africa: An overview of market developments and investment opportunities" reveals that the FinTech landscape in Africa has grown at an annual rate of approximately 24% over the last 10 years fueled by the continent's three main hubs of South Africa, Kenya and Nigeria. For 2020, the number dropped to $1.43 billion. The country counted the highest number of such companies in the Africa region. "These fintechs are raising record investments as they seize the opportunity to provide a more responsive customer experience. On July 14th, 2021, a Kenyan high court again ordered that the accounts of two more Nigerian fintech startups, Korapay and Kandon technologies be frozen with the sum of ksh 45 million ($380,000). Number of fintechs: 46. Fintechs use protocols to deliver financial . The opportunities for them are vast as around two-thirds of Africans are still unbanked, despite 60% of the world's mobile money passing through Africa. Egypt was responsible for three of the seven African startups that raised 8-digits in the month, with two of them above $40 million each. Retail Capital. Fintech funding in Africa increased by a whopping 49.3% in 2020 to US$160 million. With the increase in the number of BNPL players, partnerships between banks and such fintechs would enable the former to expand into new innovative credit options while providing capital to the latter. The report highlighted that within MEA there are an estimated 2,800 fintech solutions. The astounding growth recorded in the fintech space of Nigeria goes beyond just the influx of funds. This is important, as the Nigerian fintech sector's ability . But unicorns have been long in the making in Africa. It's interesting to note how the number of fintech startups drastically jumped in 2020. 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