African Countries Changing The Face Of Fintech Globally

A conforming sequence of developed smartphone invasion in Africa is seemingly more enhanced, in the rise of fintech across the continent. The sector has been gathered to attract more funding than most of its kind for 3 years now. You can check this article on Weetracker out for more details on Nigeria and Africas fintech.

In recent years, Africa has developed itself to be a habitat to some of what can be called the world’s fastest-growing fintech hubs globally. This is even made more evident in the latest Global Fintech Index City Rankings.

The Global Fintech Index City Rankings 2020, put together by Findexable, has given voice to claims that African cities are experiencing local entrepreneurial breakthroughs, regulatory foresight, and the early signs of development in the ecosystem, with fintech proving very instrumental. 

The index pays attention to emerging hubs, fintech companies, and trends, and according to the report, four African cities are in the top 100 fintech hubs recognized globally. The four countries; Kenya, Nigeria, Ghana, and South Africa, have emerged as the fast-growing fintech destinations in Africa for small scale and local entrepreneurial success, regulatory foresight and the early signs of growth and development in the ecosystem.

South Africa and Kenya are in the top 50 fintech countries in the world while Nigeria and Ghana appear to be not so far behind.

The algorithm used in ranking studies the fintech ecosystems of more than 230 cities across 65 countries while leveraging data from global partners including StartupBlink, Crunchbase, and SEMrush, alongside a group of regional partners such as the Africa Fintech Network.

The four African countries emerged among the top watcher countries across the world for 2020 and among the countries where fintech growth was adjudged to be the fastest globally.

Simon Hardie, CEO, and Founder of Findexable said: “The rankings are evidence of a worldwide decoupling 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.”

Considering only cities, Lagos, Cape Town, Nairobi, and Johannesburg have also emerged among the top 100 cities worldwide for fintech businesses.

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