Nigeria, Africa’s biggest economy, is the driving force behind the continent’s fintech revolution. The country accounts for 28% of all African fintech companies and is a leading hub for venture capital (VC) funding, capturing the highest share of fintech funding in African fintech companies between 2020 and H1 2024 at roughly 36%. This rapidly growing ecosystem, which now comprises more than 430 fintech companies, also hosts some of the continent’s most prominent and influential players in the industry. Today, we take a look at Nigeria’s top fintechs, showcasing the country’s most impactful fintech companies, highlighting their value propositions, and delving…

I&M Bank Tanzania, in partnership with Mastercard and OpenWay, has launched the country’s first Mastercard World Elite debit and multi-currency prepaid cards, using OpenWay’s Way4 digital payments platform. The cards aim to support Tanzania’s growing demand for digital payments, offering features such as enhanced payment security, lifestyle privileges, and multi-currency functionality. Although Tanzania remains largely cash-driven, digital payments are expanding in urban centres such as Dar es Salaam and Arusha. I&M Bank expects the new cards to encourage adoption by providing travel insurance, global hotel discounts, and multi-currency convenience for international transactions. “Customers increasingly want more than just a card,…

Fintech has emerged as one of the fastest-growing industries in Africa. According to new data released by the Financial Times in collaboration with research company Statista, seven of the top 20 fastest-growing companies on the continent come from the fintech space. The figure gives the sector the lead with a 35% of the top 20. The ranking, released in May, lists the 130 fastest-growing companies in Africa, ordering them according to their compound annual growth rate (CAGR) of revenue between 2020 and 2023. In total, 26 companies in the ranking are from the fintech, finance, and insurance sectors, with fintech…

Africa’s payment landscape is undergoing a rapid and dramatic transformation, fueled by the continued rise of mobile money, the acceleration of alternative payments, and advancements in infrastructure modernization efforts, a new research by Afridigest, commissioned by Zone Network, says. These trends are driving greater efficiency, inclusivity, and economic opportunity across the continent’s ecosystem. The critical role of mobile money The report, released in July, looks at the state of the payment landscape in Africa, highlighting the key trends and developments shaping the sector. In particular, it notes the dynamic payment ecosystem of Africa that’s characterized by an hybrid transformation most…

Artificial intelligence (AI) is reshaping key industries in Africa, including finance, healthcare, agriculture, energy, and urban development. Africa’s AI market is projected to grow from US$4.5 billion in 2025 to US$16.5 billion, marking a 27.42% annual increase, according to a new paper by Mastercard. This growth will be driven by opportunities for economic growth, increased productivity, and expanded access to essential services, including financial services. The whitepaper, released earlier this month, highlights AI’s transformative potential across major industries, particularly in job creation where it is expected to create up to 230 million digital jobs projected in Sub-Saharan Africa by 2030.…

Over the past years, fintech has emerged as a driving force in Africa’s technology landscape, propelled by a surge in venture capital (VC) funding and its consistent outperformance over major tech verticals. According to Partech, a global tech investment firm headquartered in Paris, fintech has consistently outpaced other sectors in deal count, total funding, average ticket size, megadeals, unicorns, and exits, a dominance that has been a defining feature of Africa’s tech ecosystem since the emergence of the VC funding landscape. In 2024, that dominance carried on, with African fintech startups securing US$1.3 billion, or 60% of total equity funding…

Forbes Middle East has released its annual selection of the Middle East’s top fintech companies, highlighting the 50 biggest and fastest-growing public and private fintech firms in the region. The 2024 Fintech 50 list showcases key players reshaping the fintech sector across the Middle East. These include digital payment providers, open banking platforms, investment and savings apps, and lending services. Payment companies dominate this year’s list with 26 entries, while buy now, pay later (BNPL) platforms continue to gain traction, with prominent players Tabby and Tamara also featured in the list. Among the represented countries, Egypt leads the pack with…

Kenya has a vibrant fintech ecosystem, driven by a strong mobile money infrastructure, an increasingly digital-savvy population, and a supportive regulatory environment. In 2023, Kenya had 102 fintech companies, making up 15% of Africa’s fintech startups, according to Disrupt Africa’s Finnovating for Africa 2023 report. This ranks Kenya as the third-largest fintech market in the region, following Nigeria with 217 startups (32% market share) and South Africa with 140 startups (20.6% share). Within Kenya’s burgeoning fintech landscape, several ventures have emerged as category leaders, recording substantial growth and garnering investor attention. Today, we look at some of Kenya’s most successful…

Africa’s digital financial services ecosystem has grown significantly over the past years, expanding from about 450 companies in 2022 to more than 1,000 companies by 2024, according to a 2024 report by the European Investment Bank. This expansion has been accompanied by increasing diversification across the sector, ranging from key services like payments, lending and remittances, to new high-growth areas including software solutions, wealthtech, insurtech and blockchain services. Africa’s fintech momentum has been fueled in part by a surge in venture capital (VC) investment. In 2022 alone, African fintech startups secured more than US$1.4 billion, marking a staggering 39.3% increase…

South Africa’s fintech sector is rapidly growing, attracting significant investment and positioning the country as a leader in African financial innovation. In 2023, South Africa was the top destination for venture capital (VC) investment in Africa, securing US$548 million secured through 83 deals, according to Partech Partners’ 2023 Africa Tech Venture Capital report. The sum made South Africa the leading country on the continent in terms of equity funding. That year, fintech retained the leading position in VC funding, accounting for 24% of all deals and 37% of total VC funding in the region. This trend was particularly evident in…

EBANX, a Brazilian technology company focused on payment solutions for emerging markets, has integrated Capitec Pay, South Africa’s leading open banking-based, real-time payment method. This is EBANX’s first open banking solution outside Brazil and makes it one of the first global PSPs to offer Capitec Pay for cross-border e-commerce. Capitec Pay, developed by Capitec Bank, is South Africa’s first large-scale open banking account-to-account (A2A) payment system. Through EBANX, international merchants in online retail, subscriptions, streaming, gaming and SaaS can now offer this payment option to South African consumers. “South Africa stands out as one of Africa’s fastest-growing digital markets, with…

Bloomberg has released its inaugural Top 25 African Startups to Watch in 2025 list, recognizing some of the continent’s most innovative companies across key sectors, including biotechnology, finance, e-commerce, and eclectic mobility. Among these 25 trailblazing startups, four operate in the fintech space, representing countries like Angola, Zambia, and South Africa. The finalists were selected from a pool of 2,000 applications and were curated through an evaluation process that prioritized impact, innovation, and traction. Startups were assessed on the uniqueness of their solution, the strength of customer and investor interest, and their ability to show real-world application of their product…

BIMBANK, Mauritania’s Islamic bank and an early adopter of digital banking, has implemented BPC’s SmartVista Fraud Management solution to strengthen enterprise-wide fraud prevention, meet regulatory requirements, and provide real-time protection across its cards, core banking, and digital channels. In recent years, the Central Bank of Mauritania has tightened anti-fraud regulations as part of a national programme to improve payment security. The measures include mandatory real-time monitoring, automated alerts, and detailed reporting across all payment channels. At the same time, rising electronic payment volumes have made banks more vulnerable to increasingly sophisticated fraud attempts. To address these challenges, BIMBANK sought a…

The Banque de la République du Burundi has partnered with the London Stock Exchange Group (LSEG) to modernise the country’s financial infrastructure. The initiative is intended to support the development of a more efficient domestic markets ecosystem. Edouard Normand Bigendako, Governor of the Central Bank of Burundi, said: “This partnership with LSEG marks a transformative moment in our financial sector. By automating and digitising our market operations, we are enhancing transparency, improving operational efficiency, and laying the foundation for a more resilient and inclusive financial system that supports long-term growth.” Nadim Najjar, Managing Director for Central & Eastern Europe, the…

Moniepoint, a Nigerian business and personal banking platform, has reached a valuation of over US$1 billion after completing a US$110 million Series C funding round. In a 2022 interview with Afridigest, CEO Tosin Eniolorunda outlined the strategy behind the company’s growth. He emphasised the importance of “customer obsession,” noting that “the boss of all of us, the chairman of all of us are the customers.” Eniolorunda described how the company developed a system to refund failed transactions within 24–48 hours, compared with the industry standard of 5–10 working days. Two years later, Moniepoint processes more than 1 billion transactions worth…

Africa’s private equity market, excluding South Africa, fell to its lowest level in five years during the first half of 2025, as global headwinds and regional risks dampened investor appetite. According to new figures from Finance in Africa, deal values dropped sharply as rising global interest rates, a strong US dollar, and geopolitical tensions steered capital towards safer, higher-yielding markets. The continent recorded transactions worth US$4.67 billion between January and June, a 15.4% decline from US$5.52 billion in the same period of 2024, and more than 53% below the US$10 billion posted in the first half of 2019. Deal volumes…

Binance Pay has extended its reach in South Africa following a partnership with Zapper, one of the country’s payment providers. The integration allows more than 31,000 additional merchants across South Africa to accept cryptocurrency payments through Binance Pay. Binance Pay is a contactless and borderless cryptocurrency payment feature built into the Binance app. It enables users to send, receive, and spend digital assets instantly without gas fees, whether peer-to-peer or with participating merchants. The service currently supports over 400 digital assets for personal transactions and more than 100 cryptocurrencies for merchant payments. To date, it has been adopted by more…

Fintech trade groups play an important role in fostering the growth and evolution of the sector. They help shape the regulatory landscapes, foster partnerships, and establish industry standards. But despite their importance, these organizations face significant challenges, including resource constraints and fragmentation, according to a study by the Cambridge Centre for Alternative Finance (CCAF). Trade groups are organizations formed by businesses within the same industry to promote their share interests. They advocate for favorable policies, share market intelligence, and coordinate on common priorities. By doing so, they amplify their members’ influence and strengthen their industry’s position in the marketplace In…

Thunes, a Singapore-based global payment network, has launched real-time payment services in Morocco. Members of its Direct Global Network can now send payments directly to bank accounts in the country. The service supports payouts in Moroccan Dirham (MAD) and provides Thunes’ Members with greater access to Morocco’s increasingly connected and digitised economy. Morocco is among the top receiving countries in Africa. According to the World Bank, the country received over US$11.5 billion in 2023, highlighting the importance of efficient and affordable cross-border payments. Research from Thunes’ 2025 report, Money Without Borders, emphasises the importance of speed in cross-border transfers. The…

The GSMA has announced that Paul Kagame, President of the Republic of Rwanda, will officially open MWC25 Kigali on October 21 at the Kigali Convention Centre. This marks the third consecutive edition of the event to be inaugurated by President Kagame. “We are delighted and honoured to welcome His Excellency Paul Kagame to MWC Kigali once again, where we will gather with innovators, policymakers, and business leaders to address the critical issues driving Africa’s digital ambitions. I look forward to engaging with leaders from various sectors to shape the next chapter of Africa’s digital transformation, from smartphone affordability and AI…