84 M&A deals worth $11.4 billion in disclosed value recorded so far in 2026

In Africa's digital economy, mergers and acquisitions (M&As) have surged, with 84 deals worth an estimated $11.4 billion recorded as of August 17, 2026, according to TechCabal Insights. This sharp increase signifies a shift from M&As being rare exit routes to primary strategies for scaling and acquiring banking licenses. In the first quarter of 2026, 37 deals were already recorded, surpassing the total 68 deals from all four quarters of 2025.

Geographically, Southern Africa (24) and Northern Africa (18) dominate M&A activity, with South Africa (22), Nigeria (12), and Egypt (12) accounting for over half of all acquired companies. African tech firms are also venturing abroad, acquiring targets in the UK (4), the US (1), France (1), Germany (1), and Canada (1). Financial services leads in sector performance, with 27 deals, representing around 32% of all activity.

Out of the 84 deals, only a few disclosed values amount to approximately $11.4 billion. Notable deals include MTN Group's $6.2 billion proposed acquisition of 75% of IHS Towers, Vodacom Group's $2.1 billion stake in Safaricom, Pepkor Holdings' $1.29 billion merger of Flash with Shop2Shop, and Nedbank's $850 million acquisition of Kenya's NCBA Group.

Fintechs and banks are increasingly merging, with six major deals across five countries. Fintechs buying banks typically allow founders to retain control, while banks buying fintechs see the banks taking full control. Top African fintechs are also planning to list on foreign stock markets, with OPay aiming for a $4 billion listing in the US and PalmPay considering a $200 million listing in Hong Kong.