Technology has played an instrumental role in shaping the world. It has therefore become imperative to integrate technology in all aspects of our lives, especially the financial sector.
Financial Technology, often shortened as “Fintech”, simply combines anything finance with some form of technology.
A report by the Findexable Global Fintech Index City Rankings looking at the Fintech ecosystems of more than 230 cities and 7000 Fintech companies has been released.
Story from Face 2 Face Africa. Story by Theodora Aidoo.
According to the 2020 Findexable Global Fintech Rankings, of the world’s top 100 leading fintech cities, almost half are found in emerging markets.
Check out the top five African countries with leading growth in financial technology:
South Africa – 37th
Johannesburg is home to some of Africa’s leading banks and financial institutions, making it a potential fintech magnet for Africa.
The report highlights industry events such as ‘Finnovation South Africa’. The country also has Accelerators and incubators such as ‘AlphaCode’, Rand Merchant Investment Holdings Blockstarters, as well as Associations like Africa Fintech Network (AFN) and the Africa Women in Fintech & Payment (AWFP).
Kenya – 42nd
Nairobi is Africa’s second-largest fintech hub, with an estimated 20% of African fintechs and an emerging ecosystem of local investors and VCs complemented by a steady rise of international investors and growing interest from global tech firms: Payments & remittances, Banking tech, and Lending.
Nigeria – 52nd
Africa’s most-populous nation presents one of the region’s biggest opportunities for fintech, nearly 40% of the population are unbanked and close to two-thirds are under 25.
Ghana – 58th
Ranking 58th in the Global Fintech ranking, Ghana’s financial technology sector is considered vibrant in terms of the various platforms available. It is considered a major participant on the continent.
Read more at Face 2 Face Africa.