Africa’s fintech industry has often been framed around mobile money and payments, but a new wave of growth is emerging from software-as-a-service (SaaS) infrastructure tailored for small and medium-sized enterprises (SMEs). As the backbone of African economies, SMEs represent over 80 percent of employment across the continent, yet they struggle with operational inefficiencies, poor access to capital, and limited digital tools.
Enter fintech SaaS platforms, which are reshaping how businesses operate. From cloud-based accounting software in Nigeria to AI-powered inventory management in Kenya, startups are providing scalable, affordable solutions that help SMEs streamline their operations. Companies like Zoho Africa, Bumpa, and Flutterwave Store are already empowering businesses with tools for invoicing, payments, and e-commerce — unlocking efficiency and enabling growth.
Investors are also turning their attention to the sector. Rather than betting solely on consumer apps, many are investing in the “invisible layer” that powers Africa’s digital economy. Experts argue that this infrastructure will create a multiplier effect: by enabling SMEs to digitise, they indirectly fuel job creation, tax revenue, and GDP growth.
Challenges remain, including affordability, internet penetration, and the need for tailored solutions that reflect Africa’s diverse markets. But as SaaS infrastructure becomes central to fintech innovation, the continent’s SMEs could find themselves equipped not only to survive but to scale — transforming Africa’s digital economy from the ground up.