The African fintech sector experienced a significant shift in 2024, with total funding dropping 45% year-on-year to $857 million, down from $1.6 billion in 2023.
This is according to the Africa FinTech Lanscape 2024 Report published by Global Financial and Technology Networks (GFTN) in collaboration with Future Matters Centre of Excellence.
The decline, according to the report, aligns with a global fintech funding downturn of 20% for a third consecutive year as contained in the S&P Global, 2025 report.
Despite the overall drop, funding rebounded strongly in the second half (H2) of 2024, nearly tripling from $226 million in H1 2024 to $630 million in H2 2024.
- The “Big Four” fintech hubs – South Africa, Nigeria, Egypt, and Kenya accounted for 76% of total funding.
- North Africa’s share of total fintech funding grew from 4% in 2023 to 36% in 2024, owing to the region’s biggest deal, MNH-Halan’s $157 million.
Meanwhile, Africa’s fintech market is expected to grow fivefold by 2028, reaching $47 billion in revenue, according to McKinsey & Co., 2024.
Emerging technologies like artificial intelligence (AI) and the region’s growing digital adoption and youthful population will continue to drive innovation and investment opportunities.
The report breaks down the investment trends, regional funding patterns, and key deals that shaped the fintech landscape in 2024. The report only analyses equity financing which means venture capital, mergers and acquisitions and private equity.
