African technology companies have doubled their merger pace this year, logging 84 deals worth $11.4 billion in disclosed value through mid-August, as startups trade equity for licences and survival in a funding drought. TechCabal Insights recorded the total between January 1 and August 17, surpassing the 68 transactions logged across all of 2025. The surge began with 37 deals in the first quarter, while venture funding for the first half reached $1.44 billion, a fraction of the disclosed M&A value.
The pace has doubled
The first quarter alone produced more than half the annual total, and the year-to-date count already exceeds the full-year 2025 figure by 16 transactions. Companies are combining balance sheets and sharing regulatory permissions rather than waiting for fresh capital. The data suggests buyouts have become a primary scaling tool, not a last resort.
Geography and sectors
Southern Africa accounted for 24 deals and Northern Africa for 18, with South Africa, Nigeria and Egypt together supplying 46 of the 84 target companies. Eight acquisitions reached outside the continent: four in the United Kingdom, and one each in the United States, France, Germany and Canada. Financial services dominated with 27 transactions, roughly a third of all activity, reflecting the premium on banking licences and agent networks.
The mega deals carry the value
Most transactions keep their price tags private. The $11.4 billion disclosed total rests on a handful of large agreements: MTN Group has proposed a $6.2 billion purchase of 75 percent of IHS Towers; Vodacom Group agreed a $2.1 billion stake in Safaricom; Pepkor Holdings combined Flash and Shop2Shop for $1.29 billion; Nedbank paid $850 million for Kenya's NCBA Group; Beltone spent $197.6 million to take over Baobab Group; and e-Finance bought Egyptian microlender Tamweely for $99.8 million.
Control shifts in fintech-bank tie-ups
Over the past 18 months, six major deals across five countries reveal two distinct power structures. Where fintechs bought banks, Selcom taking 65 percent of Tanzania's Access Microfinance Bank, Moniepoint acquiring 78 percent of Kenya's Sumac Microfinance Bank, Flutterwave securing a Nigerian microfinance licence, and Wave capitalising Wave Bank Africa with $30.5 million in Senegal, the founders retained operational control. Where banks bought fintechs, Nedbank absorbing South Africa's iKhokha for $92.4 million and Capitec taking Walletdoc for up to R400 million, the incumbent assumed full authority over product, board and strategy.
Public listings next
The largest payment platforms are now preparing to sell shares on foreign exchanges, signalling that private consolidation may be a prelude to public markets.