A recent report has revealed that 31.2 per cent of all African fintech startups are based in South Africa. Nigeria, and Kenya follow behind in second and third place respectively.
South Africa is home to the most fintech startups in Africa, with 94 startups active in the country.
According to the Finnovating for Africa: Exploring the African Fintech Ecosystem Report 2017 released by Disrupt Africa, 31.2 per cent of all African fintech startups are based in South Africa. Nigeria, and Kenya follow behind in second and third place respectively.
Of the nine fintech sub-categories covered by the research, the payments and remittances space proves most popular among South African entrepreneurs, with 32 per cent of the country’s fintech startups active in this area.
The lending and financing space came in as second most attractive, with 23 per cent of startups operating in this niche.
South African fintech startups also raised the most amount of funding on the continent, securing US$55,118,000 in the 29 months tracked in the report – accounting for almost 60 per cent of all investment flowing into Africa’s fintech sector.
“At Disrupt Africa, we have seen support for fintech startups in South Africa skyrocket over the past three years. The data in this report attests to the thriving fintech ecosystem in the country, which combines the efforts of entrepreneurs, investors, incubators, local governments, and financial services providers,” said Gabriella Mulligan, Disrupt Africa co-founder.
“South African fintech startups are amongst the most privileged on the continent when it comes to the support available to them from the likes of accelerators and banks, and as a result the scene is thriving. As with elsewhere on the continent, local startups in the fintech sector are developing critical solutions that will really make a difference to the lives of many, many people,” said Tom Jackson, co-founder of Disrupt Africa.
For more information or to purchase the report please visit disrupt-africa.com/finnovating-for-africa or email Gabriella on gabriella@disrupt-africa.com, or Tom on tom@disrupt-africa.com.
About Disrupt Africa
Launched in November 2014, Disrupt Africa is a one-stop-shop for all news, information and commentary pertaining to the continent’s tech startup – and investment – ecosystem.
With journalists roaming the continent to find, meet, and interview the most innovative and disruptive tech startups, Disrupt Africa is a true showcase of Africa’s most promising businesses and business ideas.
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For our startup, entrepreneur, and investor friends alike, our mission is to provide practical information and advice from across Africa’s varied vibrant markets, and to promote engaged and thought-provoking discussion about the exciting ecosystem we belong to.
