Nigeria, South Africa and Kenya are Africa’s top Fintech hubs

Nigeria, South Africa and Kenya are Africa’s top Fintech hubs

According to the Africa Fintech State of the Industry 2020, Kenya, South Africa and Nigeria are the top Fintech hubs in Africa. The 3 countries have a total of 450 companies and are driven by strong demographic indicators such as early regulation, increased connectivity, and proactive governments.

– South Africa was an early adopter of Fintech development and regulations, driving digital innovation and creating e-money solutions since 2009.

– Nigeria is home to the most diverse Fintech ecosystem in Africa with a population of over 200 million and is home to the largest Fintech ecosystem on the continent with approximately 200+ independent companies.

– Kenya’s fintech development has been driven primarily by MPesa, which enables users to deposit, transfer money, withdraw, and access credit and savings.