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While Fintech News has consistently provided fintech updates from the African continent on our Middle East site, we believe that the tremendous growth that the region has seen warrants its very own publication.
Africa has been touted as the next up-and-coming fintech hub after China as it is currently home to about 600 fintech startups according to Disrupt Africa.
The region’s growth is evidenced by fintech attracting the lion’s share of Africa’s tech funding in 2020. Fintech funding in Africa increased by a whopping 49.3% in 2020 to US$160 million. Fintech deal sizes also grew last year, rising from an average of US$1.3 million in 2019 to US$1.6 million in 2020.
These positive developments are a strong indicator of the region’s maturing and fast developing fintech ecosystem.
While South Africa, Nigeria and Kenya have historically been the fintech hubs of the vast continent, Ethiopia, Ghana and Rwanda are now quickly catching up to their predecessors.
Fintech News is excited to provide our readers with updates on these bustling hubs with the launch of Fintech News Africa (www.fintechnews.africa).