CNBC and Statista have included seven African companies in their prestigious 2024 list of the top 250 fintech innovators. This marks the second edition of the list, following the inaugural release in 2023, and showcases the growing influence of African fintech on the global stage.
The seven African companies honored in this year’s list are Flutterwave, Piggyvest, Kuda, MTN, Bank Zero, Palmpay, and Yoco. These companies were selected from a pool of 2,000 global contenders, joining renowned names such as Mastercard, Klarna, Flywire, and Robinhood.
The Selection Process
The rigorous selection process involved comprehensive desk research by the Statista team, complemented by detailed information provided by the businesses. The criteria for inclusion were based on key metrics such as 2023 revenues, year-on-year sales growth rate, and total headcount. Notably, the list is unranked, emphasizing the equal recognition of all included companies.
Leading African Innovators
Kuda and Bank Zero
Nigerian fintech Kuda and South African Bank Zero have been recognized as leading neobanks. These companies are revolutionizing the banking sector by offering digital-first banking solutions, catering to a tech-savvy population, and addressing the unique banking needs of their respective regions.
Payments Category Highlights
In the payments category, several African innovators have made a significant impact:
- Flutterwave: The Nigerian unicorn continues to set the standard in digital payments, enabling seamless transactions across borders and empowering businesses to scale globally.
- Palmpay: The Chinese-owned Palmpay has established a strong presence in the African market, providing accessible and user-friendly payment solutions.
- Yoco: Backed by Partech, the South African fintech Yoco is transforming payment processes for small businesses, making it easier for them to accept card payments and manage their finances.
- MTN MoMo: MTN’s mobile money service, MTN MoMo, has been a game-changer in the African fintech landscape, providing millions with access to financial services and driving financial inclusion.
A Growing Influence
The inclusion of these African fintech companies in the top 250 list underscores the continent’s growing influence in the global fintech arena. These companies are not only innovating but also addressing critical financial needs, fostering financial inclusion, and driving economic growth.
Looking Ahead
As the African fintech sector continues to evolve, the recognition by CNBC and Statista serves as a testament to the region’s potential and the impactful work being done by these companies. With their innovative solutions and commitment to excellence, Flutterwave, Piggyvest, Kuda, MTN, Bank Zero, Palmpay, and Yoco are paving the way for a more inclusive and technologically advanced financial future in Africa and beyond.
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