According to the findings of a study on Kenya’s startup space, fintech ventures alone accounted for just over 30% or 93 out of the 308 tracked startups. This figure is almost three times more than that of the nearest challengers, namely agri-tech and e-health, which both accounted for 10.1% of Kenya’s tech startups that were tracked between January and November 2022.

However, as explained in Disrupt Africa’s study report on the Kenyan startup ecosystem, the dominance of fintechs is not unusual.

“Fintech takes the top spot in most African countries as it solves fundamental problems for the populace, is an area in which novel tech solutions tend to be well received and quickly adopted, as well as offering attractive returns for investors,” the report said.