Fintech startups in Africa grew 81 per cent in 2021, with South Africa, Nigeria, and Kenya emerging as key hubs on the continent, a study by Mastercard says.
Mastercard, a global technology company in the payments industry, disclosed this in its recent study on the state of fintech in African markets titled “The Future of Fintech: Rapid Growth Smart Capital”.It said the sector accounted for 27 per cent of the record-high number of deals closed and 61 per cent of the USD 2.7 billion deployed across Africa in 2021.
“The number of fintech unicorns reached 235 with 34 born in Q4-2021. Fintech companies now represent more than 20 per cent of total tech unicorn value, compared to 15 per cent in the previous year,” it said. It said that by providing scalable financial services using the internet, blockchain, and algorithms, fintech companies have widened the reach of financial services traditionally offered by banks, including loans, payments, investments, or wealth management.Within Africa, the study said Kenya, Nigeria, and South Africa are among the countries leading the transition to digital payments, with existing or rapidly developing infrastructure and policy frameworks that enable the growth.
it said 15.6 per cent of Nigerian tech startups have at least one woman in the founding team while 45.1 per cent of startups have gone through acceleration or incubation .According to the study, a third of all fintech funding in Emerging Venture Markets in 2021 was in Nigeria.
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