The fintech sector has been one of Africa’s biggest technology success stories. According to Disrupt Africa, the continent’s 678 fintech startups raised more than US$2.7bn between 2021 and August 2023. Additionally, almost all of the continent’s are in the fintech sector.
The majority of that success has, however, come from the continent’s three biggest startup markets: South Africa, Kenya, and Nigeria. In fact, 68% of African fintech startups come from these ‘big three’ markets. But things are steadily changing. More and more countries are realising the benefits that come with an active fintech ecosystem, with a growing number of entrepreneurs in those countries also looking to enter the space.
One such country is Ethiopia. Home to more than 120 million people the country has many of the right ingredients to become Africa’s next big fintech giant. In addition to the country’s population size, it’s home to large numbers of unbanked people. At the same time, the country continues to experience high economic growth and rapidly increasing connectivity levels.
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