Nigeria and South Africa made a strong showing in the fintech industry according to CNBC and market research firm Statista’s “World’s Top 250 Fintech Companies: 2024,” report.
Nigeria’s PiggyVest, PalmPay and Kuda Bank, alongside South Africa’s MTN MoMo, were among top innovators on the list.
According to the report, global funding has dipped from its 2020-2021 peak, but innovation continues. Artificial intelligence is a key theme, with companies leveraging technology to shape the future of financial services across a wider, more competitive industry.
The report reiterates resilience and innovation within the sector, emphasising the diversity of success in fintech.
Nigerian Innovators
- PiggyVest: Listed in the financial planning category, PiggyVest stands alongside companies like Monarch, MoneySuperMarket, NerdWallet, and Taxfix from the US, UK, and Germany. PiggyVest offers personal finance management tools that enable users to manage budgets, savings, and credit scores effectively.
- Kuda Bank: Featured in the neobanking category, Kuda Bank offers digital-only financial services through mobile and desktop applications, providing a convenient and potentially lower-cost alternative to traditional banks. It shares the spotlight with EQ Bank, Inter&Co, Mercury, Monzo, and others from Canada, the US, UK, and Brazil.
- PalmPay: Recognised in the payments category, PalmPay provides solutions for online purchases, point-of-sale transactions, and digital money transfers.
South African Innovator
- MTN MoMo: Also in the payments category, MTN’s mobile money service, MTN MoMo is facilitating smoother online and in-store transactions and making financial services more accessible. It is listed alongside Mangopay, Mastercard (US), Melio, and Nuvei from Canada, India, and other countries.
The CNBC-Statista list is based on a thorough selection process, evaluating more than 2,000 companies between March and May 2024. Analysts considered both general and segment-specific KPIs (key performance indicators).
General KPIs accounted for 40% of the weighting, while segment-specific KPIs held a 60% weight, ensuring a comprehensive evaluation.
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