Number of active African fintech ventures jumps 17.7% in 2 years

Number of active African fintech ventures jumps 17.7% in 2 years

Africa’s fintech startup ecosystem is continuing on its growth trajectory, with the number of startups operating in the space increasing by 17.7 per cent to 678 in 2023 as compared to 2021. This is according to the latest edition of Disrupt Africa’s Finnovating for Africa publication, released every two years since June 2017, which tracks the extraordinary development of the fintech ecosystem across Africa over the last few years.

The African fintech startup landscape is experiencing significant growth, with a 17.7% increase in the number of active fintech ventures from 2021 to 2023, totaling 678 startups. This data comes from the fourth edition of Disrupt Africa's Finnovating for Africa report, which tracks the development of the fintech ecosystem in Africa. Fintech remains the most prominent vertical within the broader African tech ecosystem. The growth rate of 17.7% mirrors the growth observed between 2019 and 2017. The total number of fintech startups in Africa has surged by 125.2% between 2017 and 2023. This growth is seen across the continent, except for South Africa, with Egypt and Nigeria showing remarkable expansion at 66.7% and 50% respectively. Despite a relatively high churn rate in the sector, with 20% of startups ceasing operations, the African fintech ecosystem's growth continues to drive financial inclusion and commercial transformation on the continent.

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