BTA2023 The African fintech industry experienced a sharp decline in funding in 2024, with total investments falling 45% year-on-year to $857 million, down from $1.6 billion in 2023.
This is according to the Africa FinTech Landscape 2024 Report, published by Global Financial and Technology Networks (GFTN) in collaboration with the Future Matters Centre of Excellence.
The decline mirrors a broader global fintech funding slowdown, which saw a 20% drop for the third consecutive year, as highlighted in the S&P Global 2025 Report.
Funding Rebounds in Second Half of 2024
Despite the overall downturn, the second half (H2) of 2024 saw a strong recovery, with funding nearly tripling from $226 million in H1 2024 to $630 million in H2 2024.
Key Regional Insights
- The “Big Four” fintech hubs—South Africa, Nigeria, Egypt, and Kenya—accounted for 76% of total funding.
- North Africa saw significant growth, increasing its share of total fintech funding from 4% in 2023 to 36% in 2024, driven by the region’s largest deal—MNH-Halan’s $157 million investment.
Future Outlook
Despite the funding decline, Africa’s fintech market is projected to grow five-fold by 2028, reaching $47 billion in revenue, according to McKinney & Co. (2024).
Key growth drivers include:
- The rise of emerging technologies like artificial intelligence (AI)
- Increased digital adoption
- Africa’s young and tech-savvy population
The report provides an in-depth analysis of investment trends, regional funding patterns, and major deals shaping Africa’s fintech landscape in 2024. Notably, it focuses solely on equity financing, including venture capital, mergers & acquisitions, and private equity.
