An article by Forbes Magazine cited a new report that found that tech start-ups in Africa raised $129-million in funding in 2016. This development comes as a 16.8% increase in the number of successfully funded start-ups over 2015.

The Disrupt Africa African Tech Startups Funding Report 2016 showed that South Africa was the country that saw the most funded start-ups, followed by Kenya, Nigeria, Egypt, Ghana, and Rwanda. Interestingly, Egypt experienced over 100% growth in fundraising.

Fintech startups dominated the funding, followed by e-commerce, e-health, agri-tech, and the recruitment, transport and marketing sectors were tied.

The future lies in fintech with investments being driven towards this sector all around the region and especially in the MENA region.

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