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Fintech is winning Africa's Funding Race

The easiest sector to get funding in Africa right now is fintech. The value proposition is clear and foreign investors, who are writing the cheques, understand the sector. But that will not stay like that for long as maturity phase arrives and consolidation begins to take effect. You cannot have many fintechs in one economy: scale will be critical and only few of these entities will survive, absorbing others. The question is who will thrive?

Yet, there is still time to get in as we are still at infancy at this stage. Of the more than $301 billion worth on transactions in consumer spending in Nigeria, less than 5% are done via digital payments. So, no one has won yet.


Source: Quartz

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I am happy that Fintech is getting the fund the people deserve. But the main issue is that the funding should be utilized efficiently to help the people and the financial system. I have seen many companies getting funding and started using the money for their own self.