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The newBDO Fintech In Africareport provides short bites of fintech news related to North, South, East and West Africa to give an overview of what is happening and to provide some clarity on an evolving and growing industry.
African fintech funding increased from half a billion dollars in 2020 to 2 billion dollars in 2021.
According to data from The Big Deal, African startups raised over $4 billion in the third quarter of 2022 alone, the fastest the continent has seen in the past three years since they surpassed $1 billion in funding.
The global funding of fintech has more than quadrupled, and the number of fintech companies has more than doubled since 2020.
We expect to see new, exciting changes in the fintech sphere through IoT technology, Artificial intelligence, Big Data, and numerous other types of emerging technology and trends.
There has been a vast amount of research indicating that West Africa will be focusing on growth within mobile and online banking instead of traditional banking institutes as this is of lower cost to the average consumer.
Highest funding ever Globally, funding has exponentially increased; in Africa, it is the same as funding increased YoY..
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