There were 73 private market deals recorded across the continent in Q3 2024, including 39 deals with a combined disclosed value of $2.27 billion, according to a new Q3 2024 report by Stears.

  • Equity dominated the investments as 75% of transactions included an equity component

  • 71% being strictly equity-based, compared to

  • 19% for debt

In terms of deals:

  • Central Africa, the region with the fewest private capital deals, recorded the highest proportion of debt financing, with one-third of its transactions being debt-based – 10 percentage points higher than East Africa’s 23%

  • Equity-focused deals were most prevalent in North and Southern Africa, where North Africa led in deals with an equity component (86%), and Southern Africa recorded the highest share of equity only transactions (79%).

According to the report:

  • Financial services emerged as the most active sector in Q3 2024, accounting for one-third of all recorded private capital deals on the continent – nearly double the share of the next largest sector,

  • Consumer goods (19%)

  • Payments (29% of deals), and

  • MSME lending (20%)

led the activity within the sector.

Meanwhile, in the financial technology sector, M2P Fintech, a banking-as-a-service provider, secured a significant $100 million in Series D funding led by Helios Investment Partners.

  • Southern Africa led private market transactions in Q3 2024, accounting for 45% of recorded deals, followed closely by

  • East Africa (41%), and

  • West Africa (33%)

  • Central Africa lagged significantly, contributing just 8% of transactions during the period.

South Africa and Kenya emerged as top performers in Q3 2024, each accounting for one-third of all private market deals.

In Southern Africa,

  • South Africa led activity in Southern Africa, representing 73% of the region’s transactions, while

  • Namibia played a smaller role in Southern Africa, contributing 5% of African deals and 12% of the region’s total

in East Africa,

  • Kenya dominated East Africa with 80% of its deals

  • Rwanda followed as East Africa’s second-most active country, accounting for 15% of all African deals and 37% of East Africa’s

West Africa demonstrated a more balanced distribution of deals, with

  • Nigeria leading the region at 71% of transactions

Other countries, including:

  • Ghana (38%)

  • Côte d’Ivoire (33%), and

  • Senegal (29%)

also captured notable shares, reflecting a wider spread of investment.

North Africa however, displayed a significant concentration, with:

  • Egypt dominating 93% of the region’s transactions, making it the most prominent country by regional share

  • Morocco trailed far behind, accounting for only 21% of North African deals

 

 

 

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