Africa is witnessing a fintech boom. In 2021, nearly half of the 5200-odd tech start-ups in Africa focused on financial technology, says consulting firm McKinsey in its August 2022 report on the African fintech industry.
According to news and research portal Disrupt Africa, which has been covering the tech start-up ecosystem in Africa since 2015, the African fintech sector secured $1.45bn in funding for 2022, a 39.3% increase from the previous year. The most attractive sector to investors, fintech garnered 48.3% of known start-up funding on the continent in 2021 and 43.3% in 2022.
