Fintech in Africa is flourishing

A study conducted by Weetracker, shows a broad perspective of the Cryptocurrency industry, Blockchain Startups and fintech in Africa. The Cryptocurrency Industry is one of the fastest growing industries in Africa. The Crypto Industry is continuing to open many work places in Africa, it has great financial benefits for many people in Africa and has been the most Google searched in the region. The research made by Weetracker shows some interesting statistics about startups and fintech in Africa.

Blockchain and the Cryptocurrency Industry are hot in Africa

The most capital raised with Initial Coin Offerings in Africa has been in Kenya, Nigeria, Egypt and South Africa. The report looked at the results of the first quarter of 2018 across Africa and it has some interesting and detailed information about Tech Startups and fintech in Africa. An interesting fact is that fintech firms were the most appealing for investors in Africa and fintech startups are the most interesting from all tech startups. Fintech in Africa will probably become one of the most important industries on the continent, as it can greatly benefit the African Economy.

  • Golix in Zimbabwe, is moving towards their Initial Coin Offering, which is set to raise more than 32$ million
  • African Blockchain and Cryptocurrency projects are raising funds successfully, despite the regulatory mess
  • SureRemit, a Kenyan cryptocurrency exchange gathered more than 7$ million from their Initial Coin Offering. They aim to be Kenya’s main Cryptocurrency Exchange
  • The Sun, a South African Cryptocurrency Exchange conducted their Initial Coin Offering a raised more than 5$ million
  • Blockchain Technology and the Crypto Industry is one of the fastest growing industries in Africa, opening up many work spaces.
  • Cryptocurrency ATMs and PoS machines will be installed across Zimbabwe, South Africa and gradually other countries.
  • Cryptocurrencies are a great way for people of some African countries to hedge their money from high inflation

A bright future for fintech in Africa

Nigeria has emerged as the best destination for Blockchain investments. The country netted the most deals -29 deals with Venture Capital firms. Kenya is next on the list with 23 startup funded, next is Egypt with 21 and 4th is South Africa with 19. All these results are for the first quarter of 2018. However, Nigerian startups raised 29.41$ million with 29 deals and Kenya raised 82.86$ million with their 23 startup deals.

A managing partner in StartupBootCamp Africa, Zachariah George stated:

“Based on our Fast Track tour across 19 cities in Africa, we’ve seen a growing tren in Nigeria, Kenya, Uganda and Ghana, where entrepreneurs are focusing on Fintech, Ecommerce, Healthtech and Agritech. In Zimbabwe, with the disruption in fiat currencies, there has been an explosion of Blockchain based tech startups. There is a rare breed of entrepreneurs spread across Africa, but if I have to choose one geography, it would be Nigeria”

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