Finance

African fintech companies raised a record $1.44bln since Jan 2021

Friday, 10 September 2021 23:04
African fintech companies raised a record $1.44bln since Jan 2021

(Ecofin Agency) - Fintech is increasingly gaining ground in the private equity sector. Over the first nine months of 2021, African fintech companies raised $1.44 billion; an amount higher than the overall amount raised over the past 10 years. From 2011 to 2020, the companies mobilized $1.06 billion.

The $1.44 billion does not even include the 23 undisclosed transactions made over the period. In total, at least 196 investors have backed the operation, in 71 deals registered through September 9, 2021. Investment firm Leapfrog alone received $500 million from Singapore's sovereign wealth fund Temasek for fintech investments in Africa. Wave, a mobile money provider active in Senegal and Côte d'Ivoire, raised $200 million and Nigerian OPay attracted $400 million.

In Africa where traditional financial services (banking and microfinance) have not been able to dominate the market through a physical presence, fintechs are changing the trend, either through partnerships or more autonomous solutions. The coronavirus pandemic has also highlighted the need for e-payment solutions on the continent, especially in large economies such as Nigeria, Kenya, South Africa, Egypt, and Côte d'Ivoire.

However, the fintech sector, especially companies offering payment solutions, is being challenged by the mobile money service, supported by existing regulation and strong capital from mobile operators such as MTN, Orange, Safaricom (Kenya), Airtel Africa, and banks that have launched their own mobile financial transaction solutions.

The digital payments market in Africa remains large and is growing strongly. In the WAEMU, the value of transactions via mobile increased from CFA7,415 billion in 2019, to CFA28,738 billion at the end of 2019, according to official data.



 
Telecom


 
Public Management


Ecofin Agency covers the news from 9 business sectors in Africa: Public management, Finance, ICT, Agribusiness, Electricity, Mining, Oil and Gas, Comms and Laws. Ecofin Agency is also creating and management specialized medias, in paper and on the web/social networks, for institutions or African publishers.

AGENCE ECOFIN

Mediamania Sarl
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11

REDACTION
redaction@agenceecofin.com

Public management
Aaron AKINOCHO
Borgia KOBRI
Moutiou ADJIBI

Finance
Idriss LINGE
Walid KEFI
Chamberline MOKO

Agribusiness
Espoir OLODO

Electricity
Gwladys JOHNSON

Oil and Gas
Olivier DE SOUZA

Mining
Louis-Nino KANSOUN

ITC 
Muriel EDJO

Comms
Servan AHOUGNON

Cameroon
Brice R. MBODIAM
Sylvain ANDZONGO
Monique MAY
Julienne Rose SENDE

Togo
Fiacre E. KAKPO
Waliyullah TAJUDEEN
Séna AKODA

Niger
Sandrine GAINGNE

Gabon
Stephane BILLE
Pierre-Celestin ATANGANA

Desk
Stéphane ALIDJINOU
Souha TOURE
Vahid CODJIA
Diane ZODEHOUGAN
Hikmatu BILALI

Translation
Schadrac AKINOCHO
Mouka MEZONLIN
Firmine AÏZAN



Digital
Omar SOKHNA
Mamadou DIOP
Bacary MANE
Abdel Razak MOULIOM

Digital Marketing
Jérémie FLAUX
Geraud ACHI
Jean Christian BERNARD
Franck FOUTE

Web publishing
Bakoly RAHARISOA
Rina RAMANANDRAISOA
Hasina RAJEMISON

Development
Dominique FLAUX

 


 
REGIE COMMERCIALE
AGENCE ECOFIN
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11
Fax: +41 22 301 96 10

Benjamin FLAUX
bf@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72

Voir page 
Nos services
 

 










 



Ecofin Agency is a news agency for economic and sectorial information. It was created in 2010 and it website was launched in June 2011.

Please publish modules in offcanvas position.