Previously 100% of Fintech funding to Africa would come from external investors, perhaps with the exception of the AFDB.
But in the past 8 months, 3 African Fintechs have pledged to invest a combined $87 Million USD across 2 countries.
Let’s take a look.
A. Nala: Nala, the East African fintech enabling payments to Africa, opened the investment floor in Feb 2023, announcing a $5m investment into Kenya focused on job creation and strengthening financial infrastructure via technology innovation. They recently expanded to Nigeria. Who knows, they might announce an investment there as well.
B. Network International: NI, a digital payments giant, has announced a whopping $32M USD investment to support Egypt’s payment ecosystem.
The investment will focus on 3 areas: The upgrade of its payment tech rails, 100,000 advanced POS machines, and the implementation of Network One – their state-of-the-art payments technology platform.
C. Flutterwave: The last and the biggest contributor on the list is Flutterwave, the Unicorn who has been in the news almost every week of this year. They announced a phased investment of $50M into Kenya ( again !) after they received a first-name approval from the CBK.
We’ve also seen Fintechs stepping into the funding ring and the acquisition arena. What Boss move do you think they’ll pull next? Buy a Bank?
Let us know your thoughts in the comments.