Apart from South Africa, Nigeria and Kenya which are thriving in the aspect of startups, other local FinTech ecosystems have begun to emerge according to Disrupt Africa’s report.
Africa is home to 301 financial technology startups, together building a new vision for the financial services industry in Africa.
The Finnovating for Africa: Exploring the African FinTech Startup Ecosystem Report 2017 is a compilation of Disrupt Africa’s collection of over two and a half years of data from across twenty African countries.
An in-depth look at nine categories reveals that the focus areas for African entrepreneurs are on payments and remittances markets. Lending and financing also proved attractive to startups and investors alike.
The publication also includes:
- Consideration of the regional spread and growth of FinTech ventures;
- Discussion of startup activity in nine sub-sectors of the FinTech industry;
- Data on FinTech startup launches by year;
- Tracking of funding and acquisitions in the FinTech space;
- A list of FinTech accelerator programmes open to African applicants;
- A list of financial institutions with initiatives aimed at African FinTech startups
Note that the African continent still faces a lot of challenges when it comes to financial technology. Over 80% of African adults still don’t have access to banking facilities and cash is still king in most parts of the continent with physical banknotes still circulating at about 13%.
The report is also available with an appendix containing the full dataset of 301 startups, at a cost of US$700.
For further information or for further purchase options, please email Tom at email@example.com or Gabriella at firstname.lastname@example.org.
In February 2017, Bernard Marr a Forbes contributor noted that the field has come to represent technologies that are disrupting traditional financial services, including mobile payments, money transfers, loans, fundraising, and asset management.
Thanks to financial technology, financial transaction time and rigmarole have been reduced a great deal.