Africa’s fintech sector has evolved into a thriving frontier of technological innovation, entrepreneurial ambition, and robust investment. Recent findings by StartupList Africa, based on a detailed review of over 1,300 fintech startups, spotlight nine African cities as principal nodes in the continent’s fintech revolution. Among these, Lagos, Nairobi, and Cairo lead decisively, with South Africa’s Cape Town and Johannesburg not far behind.

Lagos has emerged as Africa’s fintech epicentre, hosting an unparalleled 503 active startups. Since 2020, 256 new ventures have launched, reinforcing the city’s dynamism. What sets Lagos apart is not only its startup volume but also the scale at which these companies operate—78 firms now employ over 50 individuals, underscoring maturity in business operations. Moreover, 116 funded startups in Lagos have collectively secured $6.03 billion, a figure enabled by strategic policy infrastructure such as the Central Bank of Nigeria’s sandbox framework. This amalgamation of regulatory support, capital influx, and concentrated digital talent continues to cement Lagos’ role as a powerhouse in African digital finance.

East Africa’s fintech landscape is anchored in Nairobi, Kenya, a city shaped by its pioneering legacy in mobile money, particularly through platforms like M-Pesa. Nairobi is currently home to 210 fintech startups, with 77 founded since 2020. It exhibits strong scalability, evidenced by 41 firms surpassing the 50-employee threshold. Notably, 59 startups have collectively attracted $4.64 billion in funding. This success is underpinned by a favourable regulatory climate and a highly mature payments ecosystem, enabling Nairobi to function as a reliable launchpad for disruptive financial solutions.

Cairo, Egypt, holds a distinctive position with 194 startups, but distinguishes itself as Africa’s most capital-rich fintech city. Despite hosting fewer startups than Lagos and Nairobi, Cairo’s 49 funded companies have secured an astounding $10.07 billion—yielding the highest average funding per company on the continent. The city’s strategic role as a bridge between Africa and the Middle East grants it unparalleled access to regional and international capital markets. Since 2020, Cairo has seen the emergence of 91 new startups and has matched Nairobi in terms of scalability, with 50 companies exceeding the 50-employee mark.

In Southern Africa, both Cape Town and Johannesburg are leveraging South Africa’s legacy financial institutions to foster fintech innovation. Cape Town, with 118 startups and 35 funded ventures, has raised $2.95 billion. It benefits from an academically rich talent pool, courtesy of institutions like the University of Cape Town. Johannesburg, on the other hand, is home to 104 startups and 26 funded enterprises, collectively amassing $3.81 billion. Strong integration between traditional banks and emerging fintech firms continues to define Johannesburg’s ecosystem.

West Africa is also witnessing fintech proliferation beyond Nigeria. Accra has risen as a secondary hub with 75 startups, largely supported by Ghana’s national push towards interoperability and digital inclusion. To date, Accra’s ecosystem has seen 22 startups raise $1.66 billion. Meanwhile, Abidjan in Côte d’Ivoire, with 33 active startups and $264 million in raised capital, represents a burgeoning Francophone fintech nucleus. Côte d’Ivoire’s recent enactment of startup-friendly legislation, including tax incentives for digital ventures, has added further momentum.

In North and East Africa, Casablanca and Kampala are beginning to solidify their presence. Casablanca, with its proximity to European markets, hosts 35 startups and has generated $152 million in venture funding. Kampala’s fintech activity, buoyed by high mobile money adoption in Uganda, features 32 startups and $212 million in raised capital.

This intricate landscape demonstrates that while Lagos, Nairobi, and Cairo command leadership positions, the African fintech ecosystem is progressively decentralising. Multiple urban centres are harnessing their unique demographic, regulatory, and economic strengths to foster ecosystems that not only attract investment but also deliver scalable and inclusive financial solutions.