Fintechs Accounted for Over 30% of Tracked Kenyan Tech Startups in 2022 — Study – Fintech Bitcoin News

As of November 2022, Kenyan fintechs accounted for 30.2% or 93 out of the 308 tracked tech startups, a Disrupt Africa examine just lately discovered. In addition, the examine findings present that the fintech sub-sector alone accounted for 3,100 or 27% of the 11,462 those that have been employed by tech startups throughout the identical interval.

Fintechs Solving Fundamental Problems

According to the findings of a examine on Kenya’s startup house, fintech ventures alone accounted for simply over 30% or 93 out of the 308 tracked startups. This determine is nearly thrice greater than that of the closest challengers, particularly agri-tech and e-health, which each accounted for 10.1% of Kenya’s tech startups that have been tracked between January and November 2022.

Fintechs Accounted for Over 30% of Tracked Kenyan Tech Startups in 2022 — Study
Source: Disrupt Africa

However, as defined in Disrupt Africa’s examine report on the Kenyan startup ecosystem, the dominance of fintechs is just not uncommon.

“Fintech takes the highest spot in most African international locations because it solves elementary issues for the populace, is an space in which novel tech options are typically properly acquired and shortly adopted, in addition to providing enticing returns for traders,” the report stated.

Remittances and Lending More Popular Categories

Besides accounting for the biggest share of tech startups, fintechs additionally employed extra staff (3,100) than different sub-sectors. Agritech and e-commerce are the one different tech sub-sectors that employed greater than a thousand staff.

Source: Disrupt Africa

Meanwhile, as proven by the examine’s breakdown of the fintechs’ areas of focus, remittances (24%), in addition to the lending and financing (21%) house, seem like the extra standard classes. According to the report, half of the rationale for that is that “these areas cowl many of essentially the most elementary monetary providers which might be nonetheless missing for a lot of the inhabitants.” The report added that such classes have been “the jumping-off level for fintech ecosystems continent-wide.”

Concerning the tech startups’ use of blockchain, the examine discovered that 12 of the 30 blockchain-based ventures are fintechs. E-health (6) and agri-tech (5) are ranked second and third, respectively.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, creator and author. He has written extensively in regards to the financial troubles of some African international locations in addition to how digital currencies can present Africans with an escape route.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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