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In the last two years, the African FinTech ecosystem has been identified as one of the fastest in the world. According to a report on Finextra, African FinTech broke the $1 billion funding barrier, a feat that the rest of the continent’s tech sector is yet to achieve combined, with $1.6 billion invested across 153 deals in 2021. This growth will continue and the ecosystem will surpass $ 1 billion by end of 2022. Finally, experts have reported that FinTech is flourishing beyond traditional financial centers, and investors are taking notice. But for the pace of investment to continue, structural barriers that limit investor activity in certain regions must be understood, and in some cases, challenged. In this article, I discuss how founders can unlock their FinTechs in emerging markets.
Understand That Growing Trends Emerging Markets
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What does this tell you? This tells the founder that the FinTech ecosystem is fast becoming very attractive to vendors, hence there is a need to take all the risks possible by trying out new ideas and become innovative-driven. In the past, one would be skeptical about launching a FinTech startup in Africa. However, FinTech apps are fast becoming a household product across Africa. With the availability of historical data, founders can study what works and what does not.
Think Global, But Design Local
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A recent study has shown that faith in the entrepreneur as an individual and contextual business suitability are the two most decisive factors behind VC investment, and these are both highly contingent on interpersonal relationships and contextual knowledge. Such attributes are difficult to convey in an email or spreadsheet.
Be Data Driven
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