Nigeria has emerged as the frontrunner in Africa's thriving fintech landscape, surpassing South Africa in both population and fintech attractiveness. In partnership with AZA Finance and Curacel, the fourth edition of the Finnovating for Africa report highlights the remarkable growth of the African fintech ecosystem. The number of fintech startups in the region has surged by 17.7% to 678 in 2023, with over $2.7 billion in venture capital funding raised in the last two years, fueling unprecedented expansion and increased merger and acquisition activities.
📈 Key Points:
- Nigeria has become Africa's most populous and attractive fintech investment destination.
- The fintech startup ecosystem in Africa has grown by 17.7% to 678 startups in 2023.
- Fintech ventures have secured over $2.7 billion in venture capital funding, with rising M&A activity.
- Nigeria is the driving force behind this growth, with 217 Nigerian fintechs tracked in the latest report.
- Nigeria's market share has risen to 32% from 25% in 2021 and 20.6% in 2019.
- Nigerian fintech companies received $1.5 billion (41.6%) of the total $3.6 billion in funding secured by African fintech ventures.
- Major funding rounds by companies like Moove, FairMoney, Yellow Card, and Flutterwave have contributed to Nigeria's fintech success.
- Nigeria is also home to the celebrated fintech acquisition of Paystack by Stripe.
📈💡 Nigeria's dominance in the African fintech market continues to soar, paving the way for more remarkable success stories in the years ahead. Stay tuned for the latest updates in this dynamic landscape! 🌍💰 #Fintech #Nigeria #AfricanTech #InvestmentOpportunity
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