🌍 Africa's State of Fintech: First Half 2024 🌍
I'm excited to share insights from my latest report on the State of FinTech in Africa: 1H 2024, with a focus on East African nations, including Nigeria, Cote d'Ivoire, South Africa, Egypt, Ghana, and Seychelles. 🚀
🔑 Key Takeaways:
📉 In 1H 2024, FinTech investments in Africa dropped by a significant 77% from 1H 2023.
📊 The number of deals fell 30% year-on-year, and the average deal size shrank to US$4M (from US$10.5M in 1H 2023).
💸 Total capital invested across Africa’s FinTech sector hit US$82M in Q2 2024, a big drop from US$339M in Q2 2023.
⚖️ Despite fewer deals (58 in Q2 2024 vs. 71 in Q2 2023), Nigeria, Cote d'Ivoire, and South Africa accounted for 76% of total funding in Q2 2024.
📈 On the bright side, East Africa’s FinTech sector saw a 2x growth in investment, hitting US$16.5M in Q2 2024, driven by Zambia and Seychelles.
💡 Innovation hubs like Nakuru Box Innovation Center and Adanian Labs are fueling the region's entrepreneurial ecosystem through mentorship and capacity-building, addressing the skills gap.
While the first half of 2024 has posed funding challenges for Africa’s FinTech space, East Africa’s resilience and deal activity suggest exciting opportunities ahead. 🌱
Going forward, it becomes important to ask questions like:
❓ What strategies can FinTech leaders adopt to sustain growth in the face of declining investments across the continent? 🤔
❓ What can foster collaboration between local innovation hubs and global investors to accelerate FinTech growth across East Africa?
Elevandi Kigali International Financial Centre National Bank of Rwanda (NBR) Iyinoluwa Aboyeji Rafat Kapadia Sopnendu Mohanty
#fintech #eastafrica
Read the entire report here:
https://lnkd.in/gkgUy76b