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.
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".
According to the study, fintech startups in Africa grew from 311 in 2019 to 564 in 2021.
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.
In terms of funding, the study showed that Africa's fintech startups recorded 894 per cent year-on-year growth in funding in 2021, the second highest in the Middle East, Africa and Pakistan region during the period, and the highest yearly growth rate over the past five years.
It said Sub-Saharan Africa received USD 1.56 billion in funding, the highest in the region by a wide margin.
"Nigeria emerged as a leading fintech hub across the Middle East, Africa, and Pakistan as startups there accounted for a third of all funding deployed into fintech in 2021.
"Within Nigeria, fintech accounted for 71 per cent of all venture capital," it said.
Globally, it said fintech funding jumped to a new record of USD 131.5 billion in 2021....
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