Quite evidently, with just a clear observation of the rate at which FinTech startups spring up, one would gladly come to this same conclusion. FinTech startups have contributed their fair share and paid their dues in the African startup market in general.
Tom Jackson, co-founder of Disrupt Africa said that, “Fintech is clearly a vibrant space within the African tech scene, perhaps the most vibrant of all. Increasingly, investors are seeing the huge potential the space has to offer. We hope this report will provide valuable insights and leads to both startups and funders in the space, and contribute to the evolution of the sector for the benefit of all,”
These FinTech startups have attracted interest both within and outside the continent, raising more funds amounting up to US$31.4 million – than the other sectors tracked in a 2016 report. Basically, I would say that these startups have been a vital addition to the country’s economy.
According to this same report which was named The “Finnovating for Africa: Exploring the African Fintech Ecosystem 2017” report, it explicitly stated that although these startups are scattered across Africa, they are more active in South, West and East Africa.
South Africa, Nigeria and Kenya (in that order) have the most active fintech startups, although the report noted that other markets are also seeing a lot of Fintech activities. This shows that startups like VoguePay, Paystack, M-Pesa, SimplePay and their likes are doing great things.
The report in addition let us into the Fintech category with the most active startups. It covered Nine categories but the category of payments and remittances came out tops with 41.5 percent. That on Lending and financing was had a considerable share.