Six countries in Africa are the only countries that made the list of the world’s first Global Ranking of Fintech Ecosystems. These countries are South Africa, Kenya, Nigeria, Ghana, Egypt and Uganda.
Africa was rated as the region with the greatest need with fewer than half of all citizens there has a bank account.
However, Africa still trails the rest of the world with the smallest number of hubs in total and only six in the top 100 globally.
But with Africa as the home of mobile payments, the lack of banking legacy makes Africa and the Middle East the regions where the fintech’s future is likely to arrive the fastest.
The Findexable Global Fintech Index City Rankings report publishes for the first time the results calculated by specially tailored index algorithm which ranks the fintech ecosystems of more than 230 Cities 65 Countries 7000 Fintech companies.
The Global Fintech Index scores locations across several thousand data points on fintech companies registered on the Index map combined with metrics on local business infrastructure and fintech ecosystem quality, and data from global partners including StartupBlink, Crunchbase, and SEMrush.
Of the world’s top 100 leading fintech cities, almost half are found in the emerging markets. South Africa was rated 37th, Kenya 42th, Nigeria 52th, Ghana 58th, Egypt 60th and Uganda 64th.
Whose data is it?
Much of the data pulled to generate the fintech rankings was either accumulated by Findexable, and its sister company MagnaCarta, over the last five years or sent by its ecosystem partners around the world.
The country and city rankings were calculated from a total score across three ‘units’ of metrics. The bracketed scores were broken into ‘units’ with relative weights to assess the quantity and quality of companies in an ecosystem, and the business environment of the location. The composition of the three units is explained below.
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