Africa’s Fintech : Two speeds, one destiny – How to build a winning ecosystem everywhere

By Ebenezer OLAREWAJU*

Africa is now a fertile ground for fintech innovation, with rapid growth redefining financial services across the continent. However, this revolution is not unfolding uniformly. Anglophone and Francophone regions display distinct dynamics, shaped by cultural, regulatory, and economic differences. So, what lessons can be drawn from these disparities?

1. A leading anglophone ecosystem

Anglophone countries such as Nigeria, Kenya, South Africa, and Egypt dominate Africa’s fintech landscape. Several factors explain this lead:

a. Greater access to funding

Tech hubs in Lagos, Nairobi, and Cape Town attract the majority of venture capital investments. In 2022, Nigeria and Kenya captured over 70% of the funds raised by African fintechs. Giants like Flutterwave, Chipper Cash, and M-Pesa have secured record-breaking fundraising, propelling their international expansion.

b. Strong entrepreneurial culture
 English, the international language of business, facilitates partnerships and access to global markets. Anglophone ecosystems are also supported by local initiatives like the iHub program in Kenya, as well as new incubators and accelerators across the region that foster innovation and collaboration.

c. More flexible regulations

Anglophone regulators, such as the Central Bank of Kenya and the Central Bank of Nigeria, have taken a proactive approach to encourage innovation, though there is a trend toward increased oversight as the sector matures. For example, the “regulatory sandbox” regime allows fintechs to test their solutions in a secure environment, free from excessive constraints.

2. Emerging potential in francophone Africa

In Francophone Africa, countries such as Senegal, Côte d’Ivoire, Morocco, Egypt (which shares dynamics with both regions), and emerging players like Rwanda (although bilingual, its dynamism is notable) are beginning to stand out. Though less mature, the ecosystem offers unique advantages:

a. Growing government support

Initiatives like the Mohammed VI Investment Fund in Morocco, the Digital Senegal Program, and national digitalization strategies in Côte d’Ivoire and Rwanda show a clear commitment to structuring the fintech ecosystem. These efforts are reflected in growing interest from both local and international investors and a more supportive environment for startups.

b. Promising regional integration

The West African Economic and Monetary Union (WAEMU) offers a harmonized framework that facilitates the expansion of fintechs across multiple countries. For example, Ivorian fintech Djamo successfully expanded to Cameroon and Senegal thanks to this regional integration. Similar initiatives are emerging in other Francophone regions.

c. Unmet needs

With banking rates still below those of Anglophone regions—despite recent progress—Francophone Africa holds tremendous potential for inclusive solutions. Startups like Wave (mobile money) and MaTontine (digital microfinance), and new players in mobile payments, digital microfinance, and agritech are addressing these needs by targeting underserved populations.

3. Shared and specific challenges

Despite their differences, both regions face similar challenges:

a. Access to funding

While investments are diversifying, access to funding remains a challenge, especially for growth-stage startups and those based in Francophone Africa. However, there is a rise in Pan-African and local investment funds targeting Francophone markets. Crowdfunding and other alternative funding models are also gaining popularity.

b. Digital infrastructure

Rural areas in both Anglophone and Francophone zones still suffer from limited access to internet and electricity. This hinders fintech adoption in these regions.

c. Specific challenges

Complex regulations in Francophone regions: Regulatory frameworks, often inspired by European models, can be perceived as rigid and may slow innovation. However, efforts are underway to simplify certain procedures and to adopt approaches better suited to the specifics of fintechs, aiming to strike a balance between consumer protection and innovation.

Intense competition in Anglophone markets: Saturation in Anglophone markets pushes startups to find niches, differentiate themselves, and explore new markets, including Francophone Africa, thereby creating potential synergies.

4. Towards more harmonious development and greater collaboration opportunities

To maximize the overall potential of African fintech, several promising paths are emerging:

a. Strengthening regional synergies

Collaborations between Anglophone and Francophone ecosystems are increasing. Anglophone fintechs seek to expand into Francophone markets, bringing their experience and technologies, while Francophone fintechs can benefit from these partnerships to access larger funding and proven business models. Networking initiatives and joint events are facilitating these exchanges.

b. Regulatory convergence and harmonization

There is a growing awareness of the need for greater collaboration among regulators across regions. Discussions and initiatives aimed at harmonizing certain rules—particularly in cross-border payments and data protection—are underway, though it remains a complex process.

c. Targeted investment in infrastructure
 Governments, international organizations, and the private sector are investing in improving digital and energy infrastructure, recognizing its crucial role in fintech development and financial inclusion.

d. Priority on education and training

Educational programs and training initiatives focused on digital skills, entrepreneurship, and financial technologies are growing in both regions, helping close the talent gap and support ecosystem growth.

A shared goal: transforming financial services to meet the needs of a young, connected population

The African fintech landscape in 2025 shows continued growth and increasing complexity. While Anglophone regions maintain a certain lead, Francophone Africa is demonstrating remarkable dynamism and innovation potential. Above all, both regions share a common goal: transforming financial services to meet the needs of a young and connected population. By leveraging their respective strengths and overcoming their challenges, these two regions can help make Africa a global leader in fintech innovation.

And you, how do you see these disparities? What solutions would you propose to bridge these two ecosystems ?

Ebenezer Olarewaju is a product manager specializing in data, IT transformation, and digitalization, with a strong interest in African fintech. A curious observer, he is also a certified SAFe practitioner and passionate about innovation in emerging markets.