Flutterwave, African Fintech Firms Listed Among CNBC's Top Fintech Companies of 2024
KEY FACT: Seven African firms made the list of CNBC's Top Fintech Companies of 2024: Flutterwave (Nigeria/US) – Payments; Kuda (Nigeria/UK) – Neobanking; MTN (South Africa) – Payments; PalmPay (Nigeria) – Payments; Piggyvest (Nigeria) – Financial planning; Yoco (South Africa) – Payments.
Image Source: CNBC, statista
African Fintech Firms Listed Among CNBC's Top Fintech Companies of 2024
The African fintech ecosystem has been burgeoning with innovation in recent years. This has attracted significant attention on the global stage. This year, CNBC's prestigious list of Top Fintech Companies for 2024 has highlighted the remarkable strides made by several African Fintech firms.
CNBC, together with market research firm Statista, has listed the top 250 fintech companies globally. The World’s Top Fintech Companies 2024 report includes companies both big and small, across a variety of different market categories. These categories include Alternate finance, Banking solutions, Business process solutions, Digital assets, Financial planning, Neobanking, Payments, and Wealth technology.
Seven African firms have made it to the list of CNBC's Top Fintech Companies of 2024. They include Flutterwave (Nigeria/US) – Payments; Kuda (Nigeria/UK) – Neobanking; MTN (South Africa) – Payments; PalmPay (Nigeria) – Payments; Piggyvest (Nigeria) – Financial planning; Yoco (South Africa) – Payments. These companies are not only revolutionizing financial services on the continent but are also making waves internationally with their cutting-edge solutions and robust growth trajectories.
Image Source: CNBC, statista
According to CNBC, it handpicked standout companies from each market segment for their newsworthiness. Each segment table is unranked, and the companies are listed in alphabetical order.
These CNBC “editor’s picks” are selected from the overall list, and the companies chosen hold no higher prominence than others in Statista’s objective, KPI-based analysis. Source
CNBC also noted that the past year was challenging, however, the listed FIntech firms scaled through the hurdles to deliver innovative solutions in the clime to their users.
Despite struggles facing the sector, innovation is continuing to happen — with artificial intelligence a key theme this year. Fueled by technological advancements, expanding global markets, and collaborative leadership, companies are shaping the future of financial services. Source
Flutterwave, one of the African Fintech firms named among the top 250 fintech companies in the world by CNBC in partnership with market research firm Statista, has been playing a pivotal role in enabling global multinationals such as Uber, to expand seamlessly into markets in Africa. Flutterwave facilitates remittances from the African diaspora worldwide, supporting family, business, and other needs.
Image Source: Flutterwave
In a recent development, the Milken Institute appointed Flutterwave to its Africa Leaders Business Council, comprising thought leaders, entrepreneurs, investors, and experts from business, technology, finance, and innovation.
The inclusion of African fintech firms in CNBC's Top Fintech Companies of 2024 points to the glaring growth of the continent in terms of technological advancements and influence in the global financial sector. These trailblazing companies are not only driving financial inclusion and innovation in Africa but are also setting benchmarks for excellence and resilience in the fintech industry worldwide.
Hopeful that these companies continue to evolve and expand, to address financial challenges and unlock new economic opportunities across the globe. Without a doubt, the future of fintech in Africa looks promising, with these companies leading the charge toward a more inclusive and technologically advanced financial sphere.
Which of the top 250 Fintech firms listed by CNBC and Statista, stands out so special in your opinion?
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With their leadership, Africa is poised to become a hub for fintech excellence, tackling financial challenges and unlocking new opportunities for individuals and businesses alike.