Baobab Briefing: FinTech Funding Report

In 2019, financial services technology companies in Africa secured $938.402 million USD across 113 deals.

In a recent report published by GSMA, an industry body representing mobile network operators, 2019 saw the number of registered mobile money users worldwide exceed 1 billion. They estimate that some 469 million of these users are based in sub-Saharan Africa, accounting for $456.3 billion USD in transaction value

The role of digital financial services has been to democratise banking, making it accessible to those previously excluded, and 13 years since the launch of mobile money in Africa, FinTech in the region has come a long way.

As we have seen in previous reports, services such as e-commerce and digital health are becoming more important than ever, so how are FinTech entrepreneurs and investors adapting to this changing consumer landscape?

In this report we take a closer look at some of the business models and companies that have caught our eye, as well as funding trends across Africa since 2019.

Breakdown of deals by solution or service offering secured by FinTech companies in Africa since 2015:

graph showing fintech funding since 2015 by service

This report was first published in August 2020.

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