Economy
Payments, Trading and Crowdfunding are Boosting Nigeria’s Fledgeling Fintech Sector
While Nigeria’s financial technology sector is not exactly booming, it shows steady growth signs with promise for the short, medium, and long term. Over the last 12 months, Nigeria has witnessed the fintech sector emerge and take significant strides, especially when compared to data from 2020. For example, the value of all instant payments made in 2021 was more than N241 trillion, almost double that of 2020’s figures.
But it is not just payments where there is growth and potential. Overall, in 2021, nearly $1 billion was pumped into the Nigerian startup sector, which was a whopping 501% more than in the previous year. It now ranks second in Africa in terms of funding and investment for startups, equivalent to 41% of what reaches the entire continent. Not only this, but three different Nigerian startups all hit a valuation of $1 billion, becoming what is known as a “unicorn”.
Trading companies
In the first four months of 2022, the top 10 Nigerian stock broking firms traded some NGN 579 billion in stocks, over 63% of the country’s total. The country has a population of over 200 million people, with more and more coming online every year. Recent figures from Statista show that over half of the population is online, meaning many are gaining interest in trading and other forms of investment. According to data from various trading stakeholders, domestic trading transactions accounted for a significant amount (78%) of the market, demonstrating the interest of locals.
There is widespread interest in various sectors such as forex, stocks, and of course, CFD trading. The latter, short for contract for difference, is popular due to the fact there is no need to purchase the asset or security, instead, the trader simply estimates how much they think the value will rise or fall. Various sources put the number of active traders in the country at around 300,000, a number which has shot up over the last two years and is expected to grow at a steady pace.
Payment companies
Digital payment companies have done exceptionally well over the last year. Out of the new Nigerian unicorns, Flutterwave made significant waves along with Interswitch, Moove and Quickteller. Flutterwave managed to raise some $250 million in funding back in February, while Moove raised $105 million. These kinds of sums are significant for the country and set a promising precedent for the years to come.
Other signs of positivity include collaborations with big names such as Flutterwave with Paypal, Paystack with Apple Pay, and Carbon with Visa. There is also growth in alternative banking models that aim to serve the unbanked and provide better access to financial systems to those living in rural areas.
Credit and funding platforms
Due to challenges with the unbanked and a lack of access to conventional lending solutions, many Nigerians look to other solutions for financing their startups. These include crowdfunding which has taken off in a big way in the country. As it can be expensive to borrow from traditional financial institutions, crowdfunding apps and platforms have become very popular with entrepreneurs.
In the agricultural sector, agritech companies are particularly fond of using such methods to raise all-important capital. There are many big crowdfunding companies in the country, such as ThriveAgric, Farmcrowdy, and Porkmoney. By the end of this year, Statista predicts it will be worth $1.98 million with a CAGR of almost 6% over the next few years.
The Nigerian fintech sector has plenty of potentials and shows signs of sustainable growth in the medium and long term. This will lead to a more financially literate society and more opportunities for entrepreneurs, startups, and the community as a whole.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn