Prediction
In 2026, Africa’s tech ecosystem will see a further acceleration of strategic mergers and acquisitions. Fintech, traditional banking players, as well as other capitalised market leaders, will account for a significant portion of acquisitions. The Central Bank of Nigeria is actively pushing to “clean up” the fintech sector, and we should expect licence consolidation, strategic partnerships and alliances as engines for growth in response to government policy rather than pursuing organic expansion.
Supporting Evidence
In 2025, Africa recorded a record 67 mergers and acquisitions deals, as stated in the 2025 TC State of Tech in Africa Report. This marks a 72% year-on-year increase, with fintech alone accounting for 46% of all acquisitions. This surge coincided with capital concentration (83% of funding going to deals above $10m) and rising shutdowns for smaller start-ups, creating both motivated sellers and well-funded buyers.
These signals strongly suggest consolidation is becoming the dominant growth and exit pathway rather than an anomaly. Furthermore, as CBN tightens the reins, “wild-west”, “cowboy” fintech launches, skirting appropriate regulatory approvals, will become more uncommon. In a tightly regulated environment, capital allocators will be very hesitant to fund early-stage businesses that do not have the appropriate licenses and government approvals.
Risk Factor
A downturn in the global economy, particularly in light of recent geopolitical tensions between the United States, Europe and other key players, can make capital tight even for the larger fintech players.
Capital is always risk-averse in uncertain times, and the current global standoffs could send fund managers to safety. Additionally, a sharp macroeconomic shock in Nigeria or another currency crisis could force even strong acquirers to prioritise balance-sheet preservation over expansion.
Who is Lola Masha?
Lola Masha is a partner at Antler Africa, a global early-stage venture capital firm that backs founders from day zero. Based in Lagos, she brings more than 15 years of leadership experience across technology, agriculture, and mobility, helping scale businesses and launch venture-building initiatives across the continent.
Before joining Antler, she was cofounder and director at Babban Gona, a social enterprise supporting smallholder farmers in Nigeria, where her work contributed to the organisation’s expansion and support for hundreds of thousands of farmers. She also served as country manager for OLX Nigeria and later as regional general manager for Bolt across North, East, and West Africa, overseeing strategic operations in competitive mobility markets. Earlier in her career, she worked with Google on business development and product strategy for emerging markets.