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Nairobi emerges city with the largest fintech ecosystem in Africa

Nairobi emerges city with the largest fintech ecosystem in Africa 

Nigeria’s commercial nerve centre, Lagos, dropped 22 places to rank 93rd in the 2021 Global Fintech Rankings.

The city’s ranking nosedived according to the new report released by findexable, which identifies emerging hubs, fintech companies, and trends.

The new ranking, powered by Mambu, shows that 2020 was a year in which the financial technology (‘fintech’) sector expanded globally, building upon a surge in demand for technology that increases access to digital finance.

While Lagos slumped in the report, Nairobi, the capital city of Kenya, jumped 26 places upwards to rank 37th on the global ranking. It is the only African city in the top 50 category of cities around the globe, according to the report.

Accra, Ghana’s capital city, dropped 28 places to rank 151 on the global ranking of cities.

Within the year, over 50 new cities and 20 new countries were added to the index, meaning that they host the headquarters of at least 10 privately-owned fintech companies.

Meanwhile, among the 83 countries ranked in the index, Nigeria dropped five places to rank 57th behind Kenya, which moved eleven steps upward to rank 31st.

Africa’s largest economy also ranked behind South Africa, which equally dropped seven places to rank 44th.

The Index algorithm ranks the fintech ecosystems of more than 250 cities across 83 countries incorporating data from findexable’s own records and collated and verified by its Global Partnership Network, including Crunchbase, StartupBlink, SEMrush, and 60+ fintech associations globally.

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