South Africa, Kenya, Nigeria, and other African countries have emerged on the 1st Global Fintech Ranking Report by Findexable. The countries were ranked 37th, 42nd, and 52nd respectively.
The Global fintech Index 2020 Report is a summary of fintech performance in different cities, countries, and continents globally.
Collated by Findexable, The report seeks to track the progress of fintech and provides a benchmark for the success of startups in the fintech sector. It also seeks to track the impact of the automated financial services and to reveal the risks in next-generation finance.
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The report ranked 7000 fintech in 230 cities and 70 countries by measuring the quantity and quality of startups in the area and the environment around where the startups thrive.
Topping the first 5 places on the global Fintech ranking is the United States, United Kingdom, Singapore, Lithuania, and Switzerland. The Africa continent was pinpointed in the 37th place with South Africa having the first mention. This was followed by Kenya and Nigeria.
Other African countries like Ghana, Egypt, and Uganda also ranked in the 58th, 60 and 64th position. The report also gave a regional ranking of Fintechs in Africa and the MENA region. Johannesburg was the first city regionally ranked as the 62nd best fintech city in Africa. Lagos and Nairobi followed suite.
Other notable mentions include Cairo, Tunis, and Kuwait fell behind Tel Aviv and the UAE in the MENA regional ranking. It is imperative to state that the emergence of Africa on the list portrays the continent’s impact in fintech.
However, there is still a big niche for financial inclusion in the continent as most of its citizens are unbanked and unemployed. It is also imperative for the continent to improve its stride towards financial inclusion as it fully embraces technology.
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