African Fintech Leads Startup Funding Surge Amid Market Recovery

Fintech is rapidly transforming financial ecosystems across diverse regions, with Central Asia and Africa leading notable advances. In Kazakhstan and Uzbekistan, fintech adoption is high, with cashless payments reaching 89%, supported by initiatives like the Astana International Financial Centre that help fintech startups navigate regulatory frameworks and expand cross-border payment solutions. Africa’s fintech sector dominates the continent’s tech startup landscape, attracting over 60% of venture capital, with a strong focus on digital lending and payment services despite recent market downturns, proving fintech’s resilience and central role in financial inclusion. Nigeria exemplifies both progress and challenges: Unified Payment Services Limited celebrates 28 years as a fintech pioneer driving financial inclusion, yet financial literacy, product innovation, and regulatory stability remain critical to achieving broader access goals. Structural gaps persist for Nigerian small businesses, including limited affordable capital, policy bottlenecks, financial illiteracy, and mutual distrust between MSMEs and financial institutions, hindering full integration into the financial value chain. Addressing these issues through targeted innovation, education, and policy reforms is essential to unlock the full potential of fintech in fostering economic growth and inclusion.