Africa: number of fintechs by country 2021

In 2021, 154 fintech startups were located in South Africa. The country counted the highest number of such companies in the Africa region. Nigeria followed closely with 144 fintechs, while other 93 had headquarters in Kenya. Together, the three countries harbored over 65 percent of African fintechs, which in total amounted to 576 companies as of the same year.

Number of fintech startups in Africa as of H1 2021, by country

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Release date

June 2021

More information

Region

Africa

Survey time period

H1 2021

Supplementary notes

The source adds the following information:
"Fintech - financial technology - is an umbrella term used to describe tech-enabled solutions disrupting traditional financial services, and challenging incumbent service providers. While increasingly, many companies include an element of fintech in their work, and incumbents launch fintech-esque products in-house, this report focuses on startups with a fintech solution at the core of their business. So, for example, while an e-commerce platform which accepts payments is not a fintech startup for the purposes of this report; an agri-tech company operating a crowdfunding solution specifically for farmers is considered a fintech venture. A fintech product rolled out by a bank or established company will not be included in this report even if it self-refers as a startup".

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