A new report by Disrupt Africa says that the Nigerian FinTech ecosystem remains the highest beneficiary of FinTech investment in Africa.
The report titled the Startup Ecosystem Report 2022 noted that the entire tech sector recorded US$2 billion worth of Investment since 2015.
As reported by ‘ComnectingAfrica’, “Researchers say Nigeria’s dominance is only becoming more pronounced. So far in 2022, 107 Nigerian startups have raised funding, accounting for around one-third of the continent’s funded startups.
“Lagos is the leading hub for Nigerian tech, with 88.4% of the startups tracked by this report based in the city, while fintech is the leading sub-sector, with 173 out of 481 Nigerian tech startups (36%) active in this space.
The West African country’s running tally for this year so far stands at almost US$748 million – closing in on last year’s total of US$793.8 million.” the report said.
Commenting on the report, Gabriella Mulligan, co-founder of Disrupt Africa said “Nigeria has long been a pioneering startup ecosystem on the African continent, leading the way in various sectors and increasingly becoming a focus for investment,”