More than 300 fintech startups are active across the African continent, disrupting the financial services landscape with innovative solutions that are attracting the attention of banks and investors.
According to the Finnovating for Africa: Exploring the African Fintech Ecosystem Report 2017 released by Disrupt Africa today, 301 African fintech startups are currently active; following a boom in fintech startups launching over the last two years in particular.
The data shows fintech startups are spread across the African continent, with the Southern, West and East African regions equally active, while North Africa lags behind. South Africa is the top destination for fintech startup activity – home to 31.2 per cent of the continent’s fintech startups – while Nigeria and Kenya follow in second and third place respectively.
A number of other countries are also emerging as vibrant fintech destinations; especially so in West Africa, where Ghana and Cameroon are increasingly prominent markets.
Of the nine fintech categories covered by the report, payments and remittances startups dominate the market, with 41.5 per cent of all startups focused on this space. Lending and financing also prove a popular priority for Africa’s fintech innovators.
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