Fintech startups in Africa surged 81% in 2021, with South Africa, Nigeria, and Kenya emerging as key hubs, The Kenyan Wall Street newspaper said, citing a Mastercard report.
The fintech sector accounted for 27% of the deals closed and 61% of the $2.7 billion invested across Africa last year.
Fintech innovation in Africa has been focusing on increasing financial and digital inclusion.
South Africa, Nigeria and Kenya were among the countries leading the transition to digital payments, with infrastructure and policy frameworks that firmly enable this growth.
The growth in the number of fintech in Africa reflects global fintech funding that grew to $131.5 billion in 2021. The number of fintech unicorns reached 235, with 34 rising in Q4 2021.
Fintech companies currently represent more than 20% of total tech unicorn value, compared to 15% in 2020, the report said.
(Editing by Seban Scaria firstname.lastname@example.org)