In 2021, they raised record financing volume, becoming a growth reference in Africa. They are now embarking on new projects that will make them world-class leaders.

Recent developments show  Nigerian startups Moove and Flutterwave are taking the African fintech sector to the international scene. In late August 2022, Moove -which provides vehicle financing in Nigeria and Tanzania- signed a deal with Mitsubishi UFG Financial Group and Suzuki, a subsidiary of Toyota Group, to expand its offerings. 

Also, after securing a switching and processing license from the Nigerian Central Bank, payment processor Flutterwave plans to get listed on the  Lagos Stock Exchange and Nasdaq, the U.S. technology stock market, according to a Bloomberg report.

The developments demonstrate the ambitious goals of African fintech companies. In 2021, African start-ups raised a record  US$6 billion (if every deal exceeding US$2,000 is taken into account). More than half (62.3%) of those resources were raised by fintech companies, according to Partech Africa.

In a recently published report, consulting firm McKinsey indicated that sub-Saharan African fintech companies’ turnover could reach US$30.3 billion by 2030. Indeed, with digital transformation accelerating in the region and companies introducing digitalization in their growth strategies, well-executed digitalization projects are seen as the next profitable streams.

Let’s note that the dynamic shown by African fintech is still below their capabilities in a continent renowned for its high growth potential. Compared to the private equity financing raised by fintech operating in other continents, the amount raised by African fintech is still low, recent data from Pitchbook shows.