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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.

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

“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.