Nairobi Rises as Global Fintech Hub
Nairobi emerges as one of Africa’s leading Fintech hubs according to a recent global Fintech index published by FINDEXABLE.
A total of four African cities were identified in the global top 100 index – Johannesburg at 62nd place, Nairobi following closely behind at 63rd, and Lagos and Cape Town ranking at the 71st and 87th positions, respectively.
According to the rankings, Nairobi is the second largest fintech hub in Africa and the number one leading fintech hub in the East African region with an estimated 20 percent of African fintechs located in the city. In second position in East Africa is Kigali, Rwanda, which reached the 132nd position in the ranking; followed by Kampala, Uganda, as third in East Africa and 168th globally.
The rankings were compiled by scoring the cities based on the quality and quantity of fintechs in the city, and the overall business environment. If you are interested in reading the entire report we urge you to download it here.
Nairobi’s introduction of fintech-friendly regulations like that of the Capital Market Authority’s (CMA) regulatory sandbox which is a tailored regulatory environment for conducting limited scale, live tastes of innovative products, solutions and services helped it receive its high rank.
We will keep following East Africa’s Fintech sector closely – including Nairobi’s homegrown fintechs – Cellulant, Kopo Kopo, Musoni, Alternative Circle, Lendable, M-Pesa, and Bitpesa as the city’s fintech hub continues to develop. Make sure to keep looking for our updates going forward in 2020.