African fintech startups raised more than US$2.7 billion in VC funding in the last two years, according to a new report. Well, in this regard, the fintech space has seen unprecedented growth in the last couple of years. Indeed, the country more than tripled its total raised funding over the last two years, with more than US$1 billion invested into Nigerian fintech startups in that period. Historically the two dominant sub-sectors of African fintech, the payments and remittances and lending and financing categories increased their combined share of African fintech funding to 81.2 per cent between 2021 and 2023, from 77 per cent two years previously. “It is clear that African fintech is in its prime, driving forward financial inclusion and powering the commercial revolution occurring on the continent.
