Fintechs in Nigeria Attract $122m in Funds in One Year


By Modupe Gbadeyanka

The financial technology (fintech) industry in Nigeria attracted $122 million in funds in 2019 and there are indications that they could rake in more in the coming years.

The Divisional Head of Listings Business at the Nigerian Stock Exchange (NSE), Mr Olumide Bolumole, opined that the exchange is creating a platform to make the sector thrive.

“The Fintech industry in Nigeria continues to gain increasing popularity after taking the lead in Africa and attracting $122 million in funds in 2019.

“At the exchange, we recognise the opportunity to provide a platform where players in the Fintech landscape can have easier access to right-sized capital to fulfil their organisational objectives.

“The NSE is, therefore, committed to developing multiple solutions to address the needs of the Fintech community in Nigeria such as the provision of the NSE Growth Board.

“The exchange will also prioritise collaborations with organisations such as FinTechNGR to ensure solutions from this webinar are implemented for the benefit of the sector,” he said.

The introduction of fintech in Nigeria’s financial landscape has led to enhanced propositions across the value chain.

With over 200 fintech standalone companies in Nigeria, the sector is still relatively young offering significant opportunities for growth and expansion across the consumer spectrum.

To facilitate access to these opportunities, the NSE has continued to partner with organisations, including the Fintech Association of Nigeria, to a enlighten stakeholders on ways to make things better for the ecosystem.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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