fbpx
Thursday, July 9, 2020

These are the Five Countries Leading the way in Fintech Innovation in Africa

Must Read

Zimbabwe Spends Millions of Dollars on Luxury Cars as the Country Goes Hungry

The government of Zimbabwe has spent millions of dollars on luxury cars for senior officials despite a deepening economic...

Akodessewa Fetish Market – The Largest Voodoo Market in the World is Located in Togo

Akodessewa Fetish Market in Lome, Togo is recognized as the largest fetish market in the world, a place where...

Dust Pollution Linked to Infant Mortality in Sub-Saharan Africa

Researchers at Stanford and University of California San Diego have collaborated on a new study, published recently in Nature...



A recent report on the Global Fintech Index City Rankings 2020 released by Findexable has ranked south Africa as the leading Fintech destination in Africa.

These are the Five African Countries Leading the way in Fintech Innovation

Fintech has become an important sector of our daily lives as it has created more options for people to have access to financial services. And as fintech continues to grow globally, with more startups and entrepreneurs making giant strides, hubs and ecosystems are also being created.

Africa is home to some of the world’s fastest-growing fintech hubs, according to the Global Fintech Index City Rankings 2020.

A recent report on the Global Fintech Index City Rankings 2020 released by Findexable, provides an overview of fintech clusters around the world, sampling over 230 cities across 65 countries. It ranks them based on the quantity and quality of startups in the area as well as the environment around which the startups are in.

The report says African cities are experiencing local entrepreneurial success, regulatory foresight, and the early signs of growth in the ecosystem.

Africa’s second largest economy, South Africa is placed at 37, they are closely followed by Kenya at 42 and Nigeria at 52.

Country Rank Score
South Africa 37 9.614
Kenya 42 9.039
Nigeria 52 7.918
Ghana 58 6.632
Egypt 60 5.676
Uganda 64 4.037

These are the Five African Countries Leading the way in Fintech Innovation

“The rankings are evidence of a worldwide de-coupling between the financial strength and the commercial domination of traditional financial centers. Financial wealth is no guarantee of a city’s status as a fintech hub. You might call this the rise of non-traditional finance” Simon Hardie, CEO, and Founder of Findexable, said, “


“There are some common features of winning fintech hubs around the world. Fintech-friendly regulations incentivise entrepreneurship and encourage investment. A strong talent pool is also key to fintech success together with an ecosystem where people can connect easily .”

The report also ranks Fintech by cities/hubs, 238 in number, and Johannesburg, Nairobi, Lagos, and Cape Town make the top 100.

Related:   Robert Milligan: Statue of 18th Century Slave Trader Removed from Outside London Museum



Uzonna Anele
Anele is a web developer and a Pan-Africanist who believes bad leadership is the only thing keeping Africa from taking its rightful place in the modern world.

1 COMMENT

Comments are closed.

Just In

Zimbabwe Spends Millions of Dollars on Luxury Cars as the Country Goes Hungry

The government of Zimbabwe has spent millions of dollars on luxury cars for senior officials despite a deepening economic...

Akodessewa Fetish Market – The Largest Voodoo Market in the World is Located in Togo

Akodessewa Fetish Market in Lome, Togo is recognized as the largest fetish market in the world, a place where Voodoo practitioners can find anything...

Dust Pollution Linked to Infant Mortality in Sub-Saharan Africa

Researchers at Stanford and University of California San Diego have collaborated on a new study, published recently in Nature Sustainability, that explores how dust...

World Bank to Lend 50 Billion USD to Sub-Saharan Africa in 2020

The World Bank said Wednesday it will lend 50 billion U.S. dollars to 48 countries in Sub-Saharan Africa this year. The Bank said the loan...

Algeria Buries Skulls Of Resistance Fighters Beheaded by French Forces During the 1800’s

The skulls of 24 Algerian anti-colonial soldiers, beheaded by French forces during colonial France's conquest of the North African country that had been lying...

More Articles Like This