Top 10 African Countries That Received the Most Tech Funding in 2024

Africa is becoming a major center for technological growth, even though investment money dropped in 2024. 

According to Africa: The Big Deal, tech funding decreased by 25% in 2024, totaling $2.2 billion, down from $2.9 billion in 2023.

Here are the top 10 African countries that received the most tech funding in 2024:

Kenya – $638 million 

Kenya continues to be a leader in East Africa’s tech sector, especially in areas like mobile payments, e-commerce, and fintech. Nairobi, often called ‘Silicon Savannah,’ is a thriving center that attracts significant investment from around the world.

Nigeria – $410 million 

Nigeria, with the largest population in Africa, has a diverse tech sector that includes fintech, health tech, edtech, and e-commerce. Lagos is a critical hub for technology startups, drawing significant investment due to the country’s large market and entrepreneurial culture.

Egypt – $400 million 

Egypt is third on the list, with its tech startups doing well in fintech, e-commerce, and software development. Cairo is quickly becoming a regional tech powerhouse, attracting both local and international investors.

South Africa – $394 million 

South Africa is known for its advanced infrastructure and is a key player in the African tech landscape. Cities like Cape Town and Johannesburg are centers of innovation, focusing on fintech, artificial intelligence, and blockchain.

Morocco – $70 million 

Morocco’s tech sector is rapidly expanding, driven by advancements in e-commerce, digital payments, and cloud computing. Cities like Casablanca and Rabat are creating a supportive environment for tech startups.

Ghana – $68 million 

Ghana’s tech sector is becoming more prominent, particularly in fintech and agritech. Accra is a major tech hub in the region, supported by the country’s stable political climate and improving digital infrastructure.

Tanzania – $53 million 

Tanzania’s tech industry is growing, especially in mobile banking, health tech, and education technology. Dar es Salaam is the center of this growth, supported by a young, tech-savvy population.

Benin – $50 million 

The tech scene in Benin is evolving, with a focus on fintech, e-commerce, and mobile solutions. Cotonou is emerging as a hub for startups, drawing more investor interest.

Côte d’Ivoire – $33 million 

In Côte d’Ivoire, tech startups are mostly focused on fintech, e-commerce, and digital services. Abidjan is becoming more prominent, attracting attention from both local and international investors.

Senegal – $22 million 

Senegal is known for its increasing number of tech startups, particularly in fintech and mobile technology. Dakar is quickly becoming an important tech hub in West Africa.