The outgoing year has seen huge investments in Africa from around the world. Startups with various technologies were an attractive source of foreign investment. The African continent has attracted কোটি 500 million investment in this sector in 2021. This is almost nine times more than the investment that came five years ago. The most attractive investment sector among technology startups was potential fintech.
According to a report by an organization called Brighter Bridges, foreign investment in the fintech sector is estimated at ৩ 3 billion, accounting for more than two-thirds of the foreign investment in startups in the country. More than double the ১৩ 1.35 billion investment in 2020 and three times more than in 2019. It has become clear that global investors have become interested in the African fintech sector.
The report found that the highest foreign-invested fintech company was OPE, which raised কোটি 400 million. FlatterWeb and Timebank received investments of ৭ 160 million and ৮ 160 million, respectively. In addition, investments in MFS Africa, Jeeps, Chipper Cash, Lock and Web Fintech startups have reached কোটি 100 million, কোটি 292 million, কোটি 25 million, কোটি 145 million and কোটি 200 million, respectively.
Analysts expect investment in the fintech sector to increase each year as cell phone use and internet expansion increase in Africa. The GSM Association predicts that the number of mobile subscribers in Africa will increase by 4 percentage points to 615 million by 2025. More than half of Africa’s population will be covered by mobile networks. Along with this, mobile borrowing, digital transactions, banking and insurance services will also increase. Due to this, analysts believe that there is an opportunity for attractive growth of fintech startups in the African continent.
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In addition to global financial services providers such as Visa, MasterCard and Stripe, FlatterWeb, Chipper, MFS Africa, Cellulant and Jumu are also playing a significant role. In the next few years, the expansion of these companies will increase and the mutual transactions between different fintech companies will also increase.
After several years of high investment in banking, lender startups and insurance startups, Fintech has been receiving the highest foreign investment in the last few years.
According to McKinsey’s study, Africa is the second fastest growing and most lucrative payment and banking market after Latin America. It is natural for investment in the fintech sector to come from more new sources in the coming days by taking advantage of the attractive growth opportunities.
Lacking adequate access to traditional banking, Africa is now a world leader in mobile money transactions. By 2020, most of the world’s mobile money transactions have taken place there. The number of mobile money accounts on the continent increased by 43 percent that year.
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