The continent of Africa, which is well renowned for its rich mineral reserves, is currently making headlines in the fintech space. The continent is witnessing a fintech revolution that is reshaping traditional financial services, boosting financial inclusion, and driving economic growth.
Africa is experiencing a fintech boom characterized by innovation and rapid adoption of digital financial solutions, and as a result, a number of incredible fintech solutions have emerged from the continent.
Recently, the American based cable business news channel and website, CNBC collaborated with the German data gathering online platform Statista, to create a transparent snapshot of the top fintech businesses.
What results from the research is a compilation of some of the world’s best-performing fintech companies across 9 categories including neo-banking, digital payments, digital assets, digital financial planning, digital wealth management, alternate financing, alternate lending, digital banking solutions and digital business solutions.
Below are the African fintech companies listed in the report.
| Fintech | City | Country | Category |
|---|---|---|---|
| 22seven | Cape Town | South Africa | Digital Financial Planning |
| Bank Zero | Johannesburg | South Africa | Neobanking |
| Fawry | Cairo | Egypt | Digital Payments |
| Kuda | Lagos | Nigeria | Neobanking |
| OPay | Lagos | Nigeria | Digital Payments |
| Yoco | Cape Town | South Africa | Digital Payments |
Methodology
CNBC published a public call for nominations in March to assist with the research, providing qualifying fintechs the opportunity to submit additional information about their business strategy, revenue, transaction volumes, and other relevant statistics.
Because many fintech companies are privately held, they are not obligated to publicly publish their financial statements. The voluntary exchange of information regarding company models was critical to market analysis.
During the research period, Statista evaluated over 1,500 fintech businesses and over 10,000 data items, including annual reports, company websites, and news pieces.
Statista created a scoring methodology for the companies by computing aggregated scores on how firms did relative to their particular KPIs, for example, revenues and revenue per employee, as well as a separate score on how the companies performed overall.
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