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Temitayo Jaiyeola Published 15 June 2021The FinTech Association of Nigeria has said it expects investment in the financial technology ecosystem to top $400m this year.The association said at its fourth annual general meeting that funding in the fintech ecosystem topped $300m in 2020.The Chief Operating Officer, FintechNGR, Dr Babatunde Obrimah, said, “Fintechs in the payment and e-commerce sectors experienced growth; there was an increase in the.
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Published 11 May 2021
The revenue base of Fintech operators in Nigeria will reach $543m by 2022, a joint report by EY Nigeria and Fintech Association of Nigeria has said.
This growth would be driven by increase in smartphone penetration, and unbanked population, the report said.
Even though in 2019, Nigeria’s first unicorn, Interswitch, was born, its Fintech industry is still classified as developing when compared to jurisdictions such as the UK, Singapore, Australia, Sweden, and India.
In 2020, Fintechs raised an estimate $439m, an equivalent of 20 per cent of total amount raised by tech startups in Africa.
The COVID-19 pandemic had impacted the Nigerian economy, with dwindling revenue but it created opportunities for Fintechs to contribute to economic growth, with the number of online transactions spiking up.
Interesting fintech reports in 2021
SpaceX wants to bring its space Internet to Nigeria
Big news: US-based space exploration company, SpaceX, is in talks with the Nigerian Communications Commission (NCC) to secure the required licences to launch Starlink, its satellite Internet service, in Nigeria.
Before you go on: Popular entrepreneur, Elon Musk, founded SpaceX in 2002, and it develops Starlink, a mega constellation on Satellites to bring commercial Internet services to people across the globe. As of April 2021, SpaceX had launched over 1,400 Starlink satellites.
But Satellites are not new: Starlink’s satellites, however, orbit very close to the earth, which helps to provide lower latency and faster Internet speeds across the globe.
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