Fintechs Accounted for Over 30% of Tracked Kenyan Tech Startups in 2022 — Study

As of November 2022, Kenyan fintechs accounted for 30.2% oregon 93 retired of the 308 tracked tech startups, a Disrupt Africa survey precocious found. In addition, the survey findings amusement that the fintech sub-sector unsocial accounted for 3,100 oregon 27% of the 11,462 radical that were employed by tech startups during the aforesaid period.

Fintechs Solving Fundamental Problems

According to the findings of a survey connected Kenya’s startup space, fintech ventures unsocial accounted for conscionable implicit 30% oregon 93 retired of the 308 tracked startups. This fig is astir 3 times much than that of the nearest challengers, namely agri-tech and e-health, which some accounted for 10.1% of Kenya’s tech startups that were tracked betwixt January and November 2022.

Source: Disrupt Africa

However, arsenic explained successful Disrupt Africa’s survey study connected the Kenyan startup ecosystem, the dominance of fintechs is not unusual.

“Fintech takes the apical spot successful astir African countries arsenic it solves cardinal problems for the populace, is an country successful which caller tech solutions thin to beryllium good received and rapidly adopted, arsenic good arsenic offering charismatic returns for investors,” the study said.

Remittances and Lending More Popular Categories

Besides accounting for the largest stock of tech startups, fintechs besides employed much workers (3,100) than different sub-sectors. Agritech and e-commerce are the lone different tech sub-sectors that employed much than a 1000 workers.

Source: Disrupt Africa

Meanwhile, arsenic shown by the study’s breakdown of the fintechs’ areas of focus, remittances (24%), arsenic good arsenic the lending and financing (21%) space, look to beryllium the much fashionable categories. According to the report, portion of the crushed for this is that “these areas screen galore of the astir cardinal fiscal services that are inactive lacking for overmuch of the population.” The study added that specified categories person been “the jumping-off constituent for fintech ecosystems continent-wide.”

Concerning the tech startups’ usage of blockchain, the survey recovered that 12 of the 30 blockchain-based ventures are fintechs. E-health (6) and agri-tech (5) are ranked 2nd and third, respectively.

Register your email present to get a play update connected African quality sent to your inbox:

What are your thoughts connected this story? Let america cognize what you deliberation successful the comments conception below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This nonfiction is for informational purposes only. It is not a nonstop connection oregon solicitation of an connection to bargain oregon sell, oregon a proposal oregon endorsement of immoderate products, services, oregon companies. Bitcoin.com does not supply investment, tax, legal, oregon accounting advice. Neither the institution nor the writer is responsible, straight oregon indirectly, for immoderate harm oregon nonaccomplishment caused oregon alleged to beryllium caused by oregon successful transportation with the usage of oregon reliance connected immoderate content, goods oregon services mentioned successful this article.