Forbes highlights the fintech boom in Africa over the last two years. Startups accelerating the electronification of payments and remittances seem to be leading the way.
Payments and remittances is the most populated of nine sub-sectors addressed in the report, with 125 startups across the continent focused on making the process of sending and receiving money easier. Lending and financing - with 65 startups - is the next most popular category; indeed, over 60 per cent of all Africa’s fintech startups are focused on these two crucial spaces. Seven other categories are analysed in the report, which also looks into the funding and acquisitions of African fintech startups over the last few years. Though payments and remittances and lending and financing startups secured the most funding in total, African blockchain startups are the most successful in percentage terms, with almost 40 per cent of the blockchain-focused startups on the continent securing funding.