By Adeyemi Adepetun
22 February 2023 | 3:33 am
Fintech sector in Nigeria, South Africa, Kenya and others was the most attractive to investors in 2022, receiving almost $1.5 billion in funding during the year, making up 43.4 per cent of all startup investments into the continent.
Fintech sector in Nigeria, South Africa, Kenya and others was the most attractive to investors in 2022, receiving almost $1.5 billion in funding during the year, making up 43.4 per cent of all startup investments into the continent.
The startup investments that came to Africa in 2022, according to Disrupt Africa in its African Tech Startups Funding Report, were $3.3 billion.
The report noted that in all, 205 fintech startups raised funding, with Nigerian fintechs making up almost 40 per cent of startups and 46 per cent of fintech funding. African unicorn Flutterwave led the pack with a $250 million raise, followed by Moove ($181.8 million) and Yellow Card ($40 million).
Egyptian fintechs also had a strong year, with key rounds raised by MNT-Halan ($150 million), Paymob ($50 million) and Khazna ($38 million).
The capital raised by the fintech sector in 2022 was a 39.3 per cent increase on the prior year.
Despite fintech’s domination, other sectors also received funding. The next biggest sector for startup funding was e-commerce and retail-tech, which pulled in over $556 million, followed by e-health startups, which raised over $189 million in 2022.
Other sectors also pulling in startup funding were logistics, ed-tech, energy, agri-tech and transport.
Latest
47 mins ago
The family of the slain Labour Party (LP) candidate for the 2023 Enugu East Senatorial election, Chief Victor Oyibo Chukwu, has stated that their illustrious son was murdered by assassins because of his popularity and that of the Labour Party in Enugu State and across the country.
57 mins ago
There were mixed reactions among critical stakeholders in Oyo State, over the redesigned Naira notes and Central Bank policies, which allegedly caused the low turnout of voters for the presidential and National Assembly elections.
58 mins ago
The President of Anchor Leadership Academy, Dr. Bolarinwa Omotosho, has enjoined Nigerian youths to shun election violence and thuggery, for peace to reign throughout the election period and in the country.
58 mins ago
“Vote…, Vote…,Vote…” Why the blare?! Why not? Present and past Nigerians have wondered about the reasons that necessitate citizens to vote; Is it a right that empowers or a right to be ignored? Given the history, perhaps such pessimism stems from a lack of trust from a consistently failed democratic system. A democratic nation is…
58 mins ago
Governor of Ondo State, Oluwarotimi Akeredolu, has expressed dissatisfaction with the number of voters who came out to vote in his hometown, Owo, headquarters Owo Local Council Area of Ondo State. Akeredolu who disclosed this while casting his vote at Unit 06, Ward 05, ljebu-Owo, stated that the turnout ought to be larger.
