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Nigerian FinTech Firms Generated 63% Of Funding To Africa In 2021

Nigeria accounted for 63 percent of the funding raised by startups in Africa in 2021, the FinTech Association of Nigeria has claimed.

The President of the association, Mr. Ade Bajomo stated this during the weekend in Lagos, at a dinner held at the FinTech Platinum Awards ceremony.

Bajomo, who noted that Nigeria had been well-positioned in Africa and the global FinTech ecosystem said that the country has achieved so much in the past few years.

He said that there is always a need to appraise its achievements and efforts.
According to him, Nigeria currently boasts of seven unicorns out of the 10 in Africa- Jumia, Fluttwerwave, Andela, Chipper Cash, Airtel Africa, OPay, and Interswitch – are Nigerian.

Despite the issues in the FinTech space, Bamojo said that about 250 FinTech firms currently operate in the country.

He said that the issues in the country’s FinTech space have not deterred firms from operating in the country.

The chairman said that Nigeria has raised about 600 million dollars in funding between 2014 and 2019, compared to more than one billion dollars raised in one year alone.

He noted that the country’s FinTech space was projected to grow rapidly, taking into consideration, Africa’s growing population, which is growing amidst access to the internet.

Bamojo while noting that more investment is expected to flow into the region said that Africa’s growing educated but underbanked population would support the growth of the  FinTech Subsector.

“In a similar light, Nigerian start-ups raised 1.37 billion dollars of the four billion dollars raised in Africa in 2021.

“Of these, the FinTech space alone accounted for about 63 percent of all total funding, compared with just 25 percent in 2020.

“The growing investor confidence in African FinTech reflects the continent’s huge potential due to deepening mobile and internet penetration, a youthful population, and increasing   consumer sophistication and income, amongst many other factors.

“When you think about how far FinTech in Nigeria has come, you should thank the incredible entrepreneurs who envisioned, pioneered, and executed strategic moves that have now crystallized into strong and growing companies,’’ Bajomo said. FinTech Subsector In Nigeria Nigeria FinTech has experienced a remarkable performance in the fintech market this year marking an improvement from 2020 when the COVID-19 pandemic set into the country.

This has led to numerous benefits among which include increased agency banking operations by banks targeted at the unbanked population, enhanced drive for financial inclusion, more efforts by regulators, as well as increased investments.

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