Two Nigerian fintech enterprises, Opay and Kuda, have been joined by four other African companies to secure positions on CNBC's esteemed Top 200 Fintech list. CNBC, in collaboration with independent market research firm Statista, has meticulously curated this comprehensive roster featuring the most innovative global fintech companies that leverage technology to devise ingenious financial products and services.

This collaboration aimed to showcase the leading fintech firms, employing a meticulous evaluation process that gauges their performance across various pivotal factors. These performance benchmarks encompass a diverse array of indicators, including total user base, transaction volumes, and overall revenues.

The chosen companies have been thoughtfully categorized into nine distinctive segments, each representing a different facet of their operations: neo-banking, digital payments, digital assets, digital financial planning, digital wealth management, alternative financing, alternative lending, digital banking solutions, and digital business solutions.

Within this exhaustive landscape, a selection of African fintech startups has been highlighted within a renowned list. This article delves into these noteworthy African fintech startups.

Methodology and Statistics

Statista conducted a comprehensive assessment of over 1,500 fintech companies, analyzing an extensive dataset encompassing more than 10,000 data points. This dataset drew from diverse sources, including annual reports, official company websites, and detailed news articles.

This approach combined various performance metrics, such as revenues and revenue per employee, aligning them with the specific key performance indicators (KPIs) pertinent to their respective market sectors.

This comprehensive process entailed a two-tiered evaluation: an overarching assessment of overall company performance and a granular examination of how companies performed against unique KPIs specific to their market niches.

Statista employed a prudent approach to finalize the roster, dividing the scoring algorithm into two distinct dimensions. General KPIs accounted for 40% of the weightage, contributing to the overall assessment. Meanwhile, segment-specific KPIs held 60% of the weightage, recognizing the contextual intricacies of each market domain.

The resultant list comprised global fintech companies that achieved the highest scores within their respective market categories.

Here are the African Fintech Companies on the List

22seven (Cape Town, South Africa)

Positioned among global contenders within the digital financial planning ecosystem, South African fintech firm 22seven secured a spot on the list. Founded in 2012, 22seven has cultivated a substantial user base, with over 580,000 South Africans benefiting from its services to navigate their financial landscape. The Cape Town-based company specializes in providing budgeting software services and a technological platform that empowers users by centralizing and streamlining their financial resources.

Bank Zero (Johannesburg, South Africa)

Bank Zero is featured in the Neobanking category. Established in 2018 by a group of former leaders from First National Bank, including Michael Jordaan and Yatin Narsai, Bank Zero represents a neobank, a fintech company offering non-traditional banking services online. These entities often provide checking and savings accounts through mobile apps or the Internet, without physical branches. Bank Zero's adaptability in diversifying into lending services amid a shifting banking industry showcases its resilience and agility in response to evolving market conditions.

Fawry (Cairo, Egypt)

Egypt's Fawry earned a place on the list within the Digital Payments sector. Founded in 2008 by Ashraf Sabry, Fawry rapidly evolved into a pivotal facilitator of cutting-edge banking and payment technology services in Egypt. With an unwavering commitment to innovation, Fawry has developed tailored offerings to address diverse customer needs, amassing over 35 million users. Fawry has played a crucial role in establishing electronic bill payments as an integral part of Egypt's financial landscape.

Kuda (Lagos, Nigeria)

Kuda, established in 2019, secured a spot on the list in the Neobanking category. A Series B funding round in 2021 raised $55 million for the Nigerian company, valuing it at $500 million and establishing it as the seventh most valuable bank in Nigeria. Operating as a licensed microfinance bank, Kuda empowers users by offering seamless, fee-free savings. With its comprehensive app catering to retail and business clients, Kuda achieved a remarkable milestone by surpassing six million customers in Nigeria within just four years of its launch.

Opay (Lagos, Nigeria)

Opay, another Nigerian fintech company, is positioned prominently in the Digital Payment category. Established in 2018, Opay swiftly rose to prominence by offering a range of innovative services tailored for businesses and customers alike. With over 30 million registered app users, Opay holds authority over Nigeria's largest agency banking network, commanding 563,262 Point of Sale (POS) agents. Operating as a comprehensive mobile-centric platform, Opay covers payments, transfers, loans, savings, and an array of crucial services, contributing to financial inclusion in Nigeria and beyond.

Yoco (Cape Town, South Africa)

Cape Town-based Yoco secured a spot on the list within the global digital payments segment, standing alongside industry giants like Stripe, Tencent, and PayPal. Yoco provides an advanced digital payments platform comprising business tools and financial services. Catering to small businesses, Yoco offers essential services ranging from advanced card machines to streamlined online payment solutions, supported by an array of indispensable business tools. Yoco's growth has been fueled by global investors, including Nubank, Square, and Stone, as it supports over 200,000 small businesses with its services.

The inclusion of these African fintech companies on CNBC's Top 200 Fintech list underscores their innovation and significant contributions to the fintech landscape.