Africa Fintech Report launch

Public Relations
1. November 2023
Aidan Hartley


Lantern Comitas, in partnership with Latin American-focused communications specialist Miranda Partners, has released a report on Fintech in Africa that details current trends in fintech on the continent.

Drawing from extensive data, client case studies, and reputable fintech research, the report has revealed several key findings that reinforce the continent’s position as a growing, and sustainable fintech market, and a popular destination for international capital.

Africa remains a key fintech investment destination due to a booming population, financial exclusion levels, and mobile-reliant population, and was the region least hit by the venture capital (VC) retreat of early 2022.

Total VC investment in Africa hit reached $1.8 billion in the first quarter of 2022 alone, a 150% increase compared with the same period in 2021.

In 2021, several fintech mega-deals were inked in Africa, with Nigeria, Egypt, South Africa and Kenya leading the pack. Despite resilient investment flows, venture capitalists are now presenting far stricter terms to African fintechs amid the global capital retreat.

Investors are also paying more attention to startups operating in ancillary industries that support fintech, such as logistics, blockchain, education, and green energy. 

Equity funding remains dominant, with the bulk secured during seed, pre-seed, pre-Series A and Series A rounds, while several development funding facilities have also emerged in response to fintech growth.

The digital payments space and mobile money sectors remain the most in-demand fintech service in Africa, attracting the bulk of investment, while policy is being led by the development of regulatory ‘sandboxes’ in South Africa, Nigeria and Kenya. 

Lantern Comitas Co-Founder Aidan Hartley says the fintech report is the first in a series of planned reports compiled by Lantern Comitas and Miranda Partners, in which insights will be provided on various industries, regions and jurisdictions in which Lantern Comitas clients are active.

“In representing some of the most compelling and exciting established and start-up entities in developing markets, we have collected and collated fascinating insights in various markets. 

“In our work to become a long-term strategic partner to our clients, we will continue to release this research as a value-add to our existing communications, ESG, risk advisory and investor relations services,” Mr Hartley said. 

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Written by Aidan Hartley

Aidan Hartley is a bestselling author and journalist with a 32-year career spanning five continents working for Reuters, the FT, British television and other media. Born in Kenya, he has a very wide network of contacts across Africa and is deeply familiar with the issues, context, historical background and unfolding debates relating to the continent.


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