This archive report was first published on 8 July 2021.
Published on July 8, 2021, the 2021 Global Fintech Rankings report highlights Nairobi's fintech ecosystem as the largest in Africa.
Nairobi's commercial nerve centre has made significant strides, ranking 37th globally, a 26-place jump from previous rankings.
The city's fintech ecosystem has been recognized as the only African city in the top 50 category of cities worldwide.
According to the report, Nairobi has replaced Lagos as Africa's top startup centre, as per the recently released Global Startup Ecosystem Index 2021.
Meanwhile, Lagos dropped to 93rd in the Global Fintech Ranking, while Accra fell 28 places to 151st globally.
Kenya's fintech sector has seen significant growth, with the country moving 11 spots upwards to rank 31st globally, while Nigeria slipped five places to 57th.
South Africa ranked 44th in the country rankings.
The 2021 Global Fintech Rankings report analyzed 83 countries and 265 cities, using data from over 60 fintech associations and platforms such as SEMrush and Crunchbase.
The report's proprietary algorithm ignores subjective data, focusing on objective metrics such as the number of fintechs, their characteristics, and market value.
The top fintech cities globally are San Francisco, London, New York, Sao Paulo, Tel Aviv, Los Angeles, Hong Kong, and Singapore.
