Africa’s Fintech Boom Is Creating Niche Ecosystems to Power the Industry’s Future Globally

Monday, December 9, 2019

By Yomi Kazeem

The emergence of fintech startups across Africa working to boost financial inclusion over the past half decade has had some obvious effects. The startup sector has become the best funded on the continent and that has, in turn, fueled the launch of more fintech startups.

But all that activity has also seen niche fintech ecosystems pop up across several African cities. In the inaugural edition the Global Fintech Index City Rankings, four African cities are identified among the top 100 fintech ecosystems globally.

The rankings were compiled by scoring several factors including the number of fintech startups and hubs in cities, the scale of investment in those startups as well as the local regulatory environment—ranging from ease of doing business to startup incentives and internet censorship—where the startups operate.

Photo courtesy of Leander Wattig.

Source: Quartz Africa (link opens in a new window)

financial inclusion, fintech, startups