Four countries emerged as the fast-growing fintech destinations in Africa for local entrepreneurial success, regulatory foresight and the early signs of growth in the ecosystem.
The four countries include Kenya, Nigeria, Ghana, and Uganda.
This is contained in the latest Global Fintech Index City Rankings 2020 conducted by Findexable. The index identifies emerging hubs, fintech companies, and trends. The Index algorithm ranks the fintech ecosystems of more than 230 cities across 65 incorporating data from global partners including StartupBlink, Crunchbase, and SEMrush, together with a consortium of regional partners such as the Africa Fintech Network.
The four countries emerged among the top watcher countries across the world for 2020 and how fast fintech is advancing in even the remotest regions.
Other watchers on the list are the Philippines, Cyprus, Vietnam, Peru, Bangladesh, and Lebanon.
Simon Hardie, CEO, and Founder of Findexable, said, “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.
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“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.”
Four African cities among the top 100 cities worldwide for fintech businesses
On the new league table of global fintech hubs, four African cities also emerged among the top 100 cities worldwide for fintech businesses.
They are Johannesburg, Nairobi, Lagos, and Cape Town – South Africa and Kenya make it into the top 50 fintech countries in the world with Nigeria and Ghana close behind.