FT Partners Research – FinTech in Africa, 2024

The FinTech ecosystem in Africa is thriving, with large financing rounds, increasing exits, and growing interest from global investors. The region offers a favorable environment for FinTech with a young, tech-savvy population, increasing mobile penetration, and government support for financial inclusion. COVID-19 has accelerated the adoption of FinTech solutions, particularly mobile wallets and non-cash payment methods. Despite challenges such as currency devaluations and tightening credit markets, the FinTech market in Africa continues to mature. Investors are looking for exits, with the potential for more IPOs and private-to-private mergers. Global FinTech players are also seeking acquisition opportunities in Africa. The opportunity for growth in FinTech in Africa is significant, as a large percentage of the population still relies on cash and is unbanked or underbanked. This report delves into the opportunities and challenges for FinTech in Africa, reviews investor activity and M&A, and highlights key companies in the region.