How Fintechs put Nigeria on global map despite economic woes
For half a decade, the financial services sector has changed dramatically, yet it seems to remain hot and evolving. Like a wildfire, what started with e-Tranzact and Interswitch as simple solutions to payment inefficiencies has ballooned into a behemoth, revolutionising different aspects of the financial services sector, including credit, investments and insurance.
Industry sources estimate that Nigerian Fintech companies in 2020 alone raised $439m, an amount said to be equivalent to 20 per cent of the amount raised by all African tech startups. This has led to Lagos, where most of the organisations are based, being called the capital of Africa’s Fintech.
Investors in these companies are not necessarily expecting immediate returns. But there are attractive valuations that suggest rising profitability in the future. For instance, Nigerian Fintech revenue is projected to rise to $543million by 2022, driven by increasing smartphone…
