African Tech Landscape Sees 26 Acquisitions in 2023, Fintech Dominates πŸš€ πŸ’‘ 🀝🏿

African Tech Landscape Sees 26 Acquisitions in 2023, Fintech Dominates πŸš€ πŸ’‘ 🀝🏿

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Amidst funding challenges, African startups embrace mergers and acquisitions with 26 recorded in 2023. Fintech leads the way, followed by mobility, Web3, and e-commerce sectors. Nigeria emerges as the primary market, showcasing nine acquisitions.

In 2023, the African tech ecosystem witnessed a surge in mergers and acquisitions, totaling 26 by November. Fintech emerged as the dominant sector, navigating funding slowdowns through strategic partnerships. Nigeria took the lead in acquisition deals, recording nine, followed by South Africa with four, and Egypt and Kenya with three each.


The transparency of these deals varied, with most values undisclosed. Ngozi Dozie, Carbon's co-founder, emphasized the importance of celebrating successful acquisitions openly to inspire the next generation of founders. Despite rumors earlier in the year about Moniepoint acquiring Payday, recent developments indicate both entities have moved on, showcasing the evolving dynamics of Africa's tech landscape.


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