The countries ranking nosedived according to the report released by findexable, which identifies emerging hubs, fintech companies and trends.
Among the 83 countries ranked in the index, Nigeria dropped five places to rank 57th behind Kenya, which moved eleven steps upward to rank 31st.
Africa’s largest economy also ranked behind South Africa, which equally dropped seven places to rank 44th.
African countries that debuted on the list include the Seychelles, Rwanda, Tunisia, Zimbabwe and Somalia, while cities like Riyadh and Tel Aviv moved up the rankings.
The Index algorithm ranks the fintech ecosystems of more than 250 cities across 83 countries incorporating data from findexable’s own records and collated and verified by its Global Partnership Network, including Crunchbase, StartupBlink, SEMrush and 60+ fintech associations globally.
The index was first published in 2019 and has seen a huge uptake by the fintech industry.
The Top 10 Fintech Countries in Africa includes;
We are patiently waiting for 2022 ranking from Global Fintech Rankings.