E-Financial
Africa’s Tech Start-ups Attracted US$2bn Investment in 2021
Investment into the African tech start-up ecosystem trebled over the course of 2021 that saw total funding pass the US$2-billion mark for the first time.
This is according to the seventh edition of the annual African Tech Startups Funding Report released by Disrupt Africa in partnership with Novastar Ventures, MFS Africa, Quona Capital, 4Di Capital, MEST Africa and Future Africa.
The report states that overall, 564 start-ups raised a combined US$2,148,517,500 in 2021. The number of funded start-ups grew by 42.1% on 397 in 2020, and the funding total was more than treble – up 206.3% on the US$701,460,565 banked the previous year.
Egypt, Kenya, Nigeria and South Africa have been identified as the ‘big four’ from a funding perspective, securing a greater share of total funding between them than in 2020.
Nigeria has taken top spot with 161 start-ups raising a combined total of more than US$900-million.
In December 2021 Nigeria’s government, in conjunction with industry leaders, released a statement detailing progress with the Nigeria Startup Bill (NSB).
The legislation is expected to reinforce the country’s start-up ecosystem and address issues like weak infrastructure, access to capital and disruptive regulation.
Though Nigeria and the rest of the “big four” remain clear leaders, there is still plenty of activity elsewhere on the continent, with start-ups backed in 24 African countries.
“Momentum has been building in the African tech space for quite some time now, and 2021 will be remembered as a watershed year.
“Breaking not just the US$1 billion but the US$2-billion mark, creating more unicorns, and about doubling the number of active investors – it was a very good 12 months indeed. It is still just a beginning, however, and there is plenty of room for more growth,” said Disrupt Africa co-founder Gabriella Mulligan.
Steve Beck, managing director at Novastar Ventures, said, “We have been investing in start-ups on the continent since 2014 and are encouraged by the tremendous growth of the venture ecosystem since then. Nevertheless, as start-ups move from proof-of-concept to scale, capital remains scarce.
“Disrupt Africa’s annual funding report is a critical resource for founders as they climb and navigate a capital ladder that still has missing rungs. We are delighted to partner with the team at Disrupt Africa to ensure their research is accessible to all entrepreneurs.
“The data and insights in the report are a vital resource, not just for charting the development of the venture ecosystem in Africa, but for supporting it.”
MFS Africa founder and CEO Dare Okoudjou said the African tech ecosystem had experienced unprecedented growth, breaking records year after year.
“It’s the clearest indicator that we are reaching an exciting inflection point in our sector. In the last quarter of 2021, we raised US$100-million in Series funding to accelerate our growth as we make borders matter less.
As such we understand the importance of the right funding to build the fundamental infrastructure needed to facilitate interoperability across payment schemes, borders, and currencies.
“Accurate and informative reports about the ecosystem raise the profile of our sector beyond Africa, and that interest helps to channel much-needed investments in impactful start-ups.”
Keystone Bank Limited and the Enterprise Development Centre (EDC) of Pan-Atlantic University have signed a landmark Memorandum of Understanding (MoU) to promote Small and Medium Enterprises (SMEs), youth entrepreneurship, and financial inclusion across Nigeria.
The MoU signing ceremony took place at the bank’s head office in Lagos on Tuesday, June 24, 2025.
Speaking at the event, Mrs Nnenna Anyim Okoro, the Executive Director, Corporate and South, Keystone Bank, described the partnership as a bold and strategic step toward accelerating national economic transformation.
According to her, the collaboration underscores Keystone Bank’s unwavering commitment to empowering the next generation of business leaders and fostering an inclusive financial ecosystem.
“At Keystone Bank, we believe that entrepreneurship is the heartbeat of sustainable economic development.
Across Nigeria, MSMEs are not just businesses; they are the dreams and daily struggles of men and women determined to create value, provide jobs, and build a better future. They are, quite literally, the engine room of our national economy.
“Our sponsorship of the Annual EDC SME Conference 2025 and support for the Global Entrepreneurship Week (GEW) Walk reflect our deep belief in the transformative power of small businesses.
“This partnership is also about financial inclusion, youth engagement, capacity building, job creation, and collaboration,” she stated.
Olayemi Sule, Group Head, Retail & Digital Banking, Keystone Bank, emphasized the innovative offerings customers can expect as a result of the partnership.
“Our customers should look forward to a suite of innovative financial products and digital solutions specifically designed to support business growth, enhance financial literacy, and improve market access.
Also speaking, Dr. Nnenna Ugo, EDC board member and Head, Alumni Relations and Support Services at Pan-Atlantic University, expressed optimism about the partnership’s long-term impact.
“We are super excited about this partnership and confident that it will drive transformation for both institutions.
“The EDC was established to build capacity and provide support services for SMEs. In the past 21 years, we have trained over 350,000 entrepreneurs across Nigeria.
“Keystone Bank’s support comes at a critical moment as we scale our programs and expand our reach ahead of the 2025 SME Conference and GEW Nigeria.
“The SME Conference is a powerful platform that brings together key players in the ecosystem each year to address pressing issues affecting small businesses.
“This collaboration strengthens our capacity to engage more entrepreneurs, provide deeper insights, and drive conversations that inspire growth, resilience, and innovation.
“We commend Keystone Bank’s leadership for its vision and dedication to inclusive economic growth. The bank has truly distinguished itself as a champion of enterprise, and we are proud to have them as a strategic partner,” she concluded.
As part of the agreement, Keystone Bank becomes the major sponsor of the 2025 EDC SME Conference and a key supporter of the GEW Walk, a flagship event during Global Entrepreneurship Week Nigeria 2025.
Both events are expected to attract thousands of entrepreneurs, investors, thought leaders, and policymakers, offering a vibrant platform for knowledge-sharing, networking, and business empowerment.
Fidelity Bank Plc, one of Nigeria’s top-tier financial institutions, has promoted 376 employees following its recently concluded annual performance review exercise.
This represents approximately 12% of the bank’s workforce, underscoring its management’s deep appreciation for the pivotal role played by staff in recoding the highest growth by percentage volumes in the banking industry with 210% increase in its Profit Before Tax (PBT) which grew from N124.3 billion in 2023 to N385.2 billion in 2024.
The announcement, which was recently communicated internally, comes on the heels of a 20% across-the-board salary increase implemented in June 2025—a gesture that reflects the bank’s commitment to staff welfare. It is worth noting that this follows a similar salary adjustment carried out in November 2024.
Under the leadership of Dr. Nneka Onyeali-Ikpe, Fidelity Bank has consistently outperformed market expectations. In 2024, the bank recorded the highest share price growth of 116% in the industry following the completion of its Public Offer which was over subscribed by 238% .
In recognition of the banks stellar performance, global rating agency, Fitch Ratings recently upgraded Fidelity Bank’s National Long-Term Rating from ‘A(nga)’ to ‘A+(nga)’ in a further endorsement of the bank’s financial strength and prudent management. The upgraded ratings reflects improved profitability metrics and robust capital buffers, reinforcing the bank’s sustained upward trajectory.
Fidelity Bank Plc on Wednesday refuted claims that its Managing Director, Dr. Nneka Onyeali-Ikpe, is involved in an ongoing fraud case concerning the account of Woobs Resources.
The Bank’s position follows reports published by Sahara Reporters alleging that Dr. Onyeali-Ikpe was listed as a defendant in the case.
However, documents sighted by Nigeria CommunicationsWeek revealed that the charge sheet dated May 12, 2025, named the defendants as Victor Ukutt, Fidelity Bank Plc, Whoba Ugwunna Ogo, and Safiya Whoba.
A statement by the Office of the Attorney General of the Federation and Minister of Justice dated June 9, 2025, confirmed that Onyeali-Ikpe’s name was struck off the charge list.
The Ministry noted that she was neither the Managing Director nor the account officer at the time the account in question was opened.
The clarification aims to dispel misinformation and uphold the integrity of the institution and its leadership.
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