Africa FinTech Landscape 2024 Year in Review

February 2025

The African fintech sector experienced a significant shift in 2024, with total funding dropping 45% year-on-year (y-o-y) to $857 million (m), down from $1.6 billion (b) in 2023. This decline aligns with a global fintech funding downturn of 20% for a third consecutive year (S&P Global, 2025).

Despite the overall drop, funding rebounded strongly in the second half (H2) of 2024, nearly tripling from $226 million in 1H 2024 to $630 million in 2H 2024.

• The "Big Four" fintech hubs South Africa, Nigeria, Egypt, and Kenya accounted for 76% of total funding.
• North Africa's share of total fintech funding grew from 4% in 2023 to 36% in 2024, owing to the region's biggest deal, MNH-Halan's $157m.

Africa's fintech market is expected to grow fivefold by 2028, reaching $47B in revenue (McKinsey & Co. 2024). Emerging technologies like artificial intelligence (AI) and the region's growing digital adoption and youthful population will continue to drive innovation and investment opportunities.

This report breaks down the investment trends, regional funding patterns, and key deals that shaped the fintech landscape in 2024. The report only analyses equity financing which means venture capital, mergers and acquisitions and private equity.

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