Browsing: Nigeria fintech industry

• Market insights firm Stears says Kenya might not be attracting sufficient fintech investments due to the near-monopoly of tech giant Safaricom PLC.
• On average, Kenya accounted for 8 percent of fintech investments made on the continent between 2019 and 2023. At the same time, Nigeria got 39 percent, Egypt’s 16 percent, and South Africa’s 20 percent.
• Historically, Nigeria has led fintech funding on the continent, enjoying special attention from investors.

Kenya has not been prioritized by fintech investors as much in the last five years compared to other key African markets such as Nigeria, Egypt, and South Africa.

These revelations are highlighted in a report by Stears, a market research company headquartered in Nigeria that specializes in African investments.

According to the report, Kenya, on average, represented only eight percent of fintech investments in the continent between 2019 and 2023. In contrast, Nigeria accounted for 39 per cent, Egypt …