Nigeria emerging top among Africa Fintechs, a recent survey has shown that the Financial Technology (Fintech) industry in Nigeria is getting lots of attention.
Nigeria fintechs tops Africa fintechs as it took the lead in Africa attracting $122 million in funds in 2019. This was disclosed in the 2019 African Tech Startups Funding Report.
The report analysis stated that the 311 African fintech startups in 2019 were able to secure $491.6 million worth of investment, among all, Nigeria got 24.8% of that fund. Furthermore, the number of investors in African tech startups accelerated to 61% to reach 261.
Also, the report details how Kenya and Nigeria emerged as the premier investment destinations on the continent in 2019, attracting US$149 million and US$122 million in funding respectively.
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Fintech is gaining acceptance across Africa; many investors are finding their way to Africa as the economy seems promising. The sector remained the most popular sector among all for investors to leverage on, though its share of total funding fell to 21.8% as other sectors, notably logistics, transport, e-commerce, Agri-tech, and e-health, enjoyed bumper years.
With the entrance of new players into the payment services market and the strengthening of the financial networks, a growing number of under-served Africans had access to cost-effective banking services which largely fostered financial inclusion across the continent – majorly in Nigeria and Kenya.
A survey shows that Egypt is tending towards developing its major continental tech hub, with more startups from the North African country securing investment than anywhere else. Also, South Africa’s growth is observed to be slow. In summary, the Africans fintech industry is improving speedily to fill the gap in the sector.
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