Four African fintech startups, namely Opay and Kuda from Nigeria, Yoco from South Africa, and Fawry from Egypt, have marked their presence on CNBC’s prestigious list of the top 200 global fintech companies. CNBC joined forces with independent market research firm, Statista, to compile the list of tech-driven enterprises in the finance sector.
In a collaborative effort, CNBC and Statista utilized a well-defined methodology to assess diverse companies based on key performance indicators, encompassing user count, transaction volumes, and revenues. The journey commenced with a public call for nominations in March, enabling qualifying fintech entities to disclose essential data such as business model, revenue, and transaction statistics.
The chosen enterprises were categorized into nine distinct segments: Neobanking, Digital Payments, Digital Assets, Digital Financial Planning, Digital Wealth Management, Alternate Financing, Alternate Lending, Digital Banking Solutions, and Digital Business Solutions.
Within this framework, Nigeria’s Kuda made its remarkable debut in the Neobanking category, while Egypt’s Fawry, South Africa’s Yoco, and Nigeria’s Opay claimed their well-deserved positions in the Digital Payments category.
