A new report reveals a gradual diversification trend in Africa's fintech sector, moving beyond payments and lending. Despite this shift, payments and lending remain dominant, accounting for 29.4% and 19.3% of fintech ventures, respectively. However, their market share has declined slightly. While these sectors still attract substantial funding, other areas like investtech and personal finance have witnessed growth, doubling their market shares. This indicates the evolving landscape of African fintech. 

🚀 Fintech Ventures on the Rise: The number of fintech startups has surged by 17.7% to 678 in 2023 compared to 2021, with over $2.7 billion raised in VC funding over the last two years.

🌐 Nigeria Leading the Way: Geographically, Nigeria is a prominent player in the fintech space.

🤝 Partnerships: This report is a collaboration between AZA Finance and Curacel.

🔄 Shifting Dynamics: Payments' share of total funding has decreased from 62% to 43.4%, while lending's share has risen to 37.8% from 15% in 2021.

💡 Evolving Ecosystem: The data reflects a maturing fintech investment landscape with broader diversification beyond traditional sectors.

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