Private equity investments in Africa have doubled during the last decade with fintech receiving close to 60% of the capital. Total capital invested in African FinTech companies grew by $1.49bn in 2021 compared to the previous year, setting Africa’s highest FinTech funding year to date at $2.02bn.
The Kigali International Financial Centre (KIFC) is to launch the first and only Fintech-focused Africa Fund backed by MyGrowthFund Venture Partners. The fund of $50m will focus on fintech companies with proven technology, operating in Africa. It was announced during the “Kigali International Financial Centre: The Home of Africa’s Fintechs” forum on Wednesday 2 February at the Conrad Hotel in Dubai.
The fund domiciled in KIFC will create proximity on the continent between investments and fintech investment opportunities and will increase African investment in African fintech specially since less than 10% of the private equity investment in 2021 came from the continent. The fund’s objective is to grow the capital to $120m.
UAE’s evolving fintech landscape continues to boost development and innovative solutions in the industry, providing inspiration to and partnership opportunities for Africa’s fintech community.
Source : zawya.com