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The Big Fintech Party in Africa

The Illusion of Nigeria's Banking Disruption by Fintech - Tekedia

It is a big party for the fintech space in Africa - and it is just starting.

Flutterwave, which has offices in Lagos and San Francisco, hit the $1bn mark in March when it raised $170m from US investors. Typical is Samrawit Fikru, an Ethiopian woman who founded Ride, a taxi-hailing app. Young Africans have tapped into international networks. FairMoney was co-founded by Laurin Nabuko Hainy, a German-Nigerian man.

It has launched a business in India, part of a trend of African start-ups taking on other emerging economies. South Africa’s TymeBank raised $110m to expand into the Philippines. FlexClub, a South African company that allows Uber drivers to hire cars on subscription, operates in Mexico.