McKinsey: Nigerian fintech startups raise over $600m in 5 years

McKinsey: Nigerian fintech startups raise over $600m in 5 years

The Nigerian fintech ecosystem raised more than $600 million in funding between 2014 and 2019, a new report by McKinsey & Company, a management consulting firm, has shown. The report, titled, ‘Harnessing Nigeria’s Fintech Potential’, noted that the country attracted 25 per cent at $122 million of the $491.6 million raised by African startups in 2019 alone, coming after Kenya which attracted $149 million. The report further explained that Nigerian fintech companies are primarily focused on payments and consumer lending. According to the report, banking in Nigeria remains an attractive…

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Interswitch, Opay, PalmPay, other fintechs attract $560m in 3 years

Investments in businesses leveraging technology for financial services (Fin- Techs) in Nigeria totalled $560 million in the last three years, a report by the Enhancing Financial Innovation & Access (EFInA) has revealed. This, according to the report titled ‘FinTech Landscape and Impact Assessment Study 2020 Report’, is a growth of over 190 per cent as more investors continue to harness the huge opportunities in the country’s FinTech landscape. As of this year, EFInA said there were over 200 FinTech companies in Nigeria offering services ranging from payments to savings and…

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The Future Of Payments In Africa

Payments

By Murray Gardiner, MD, Bluecode Africa By 2050 the population of Africa is expected to grow to 2 billion, while the rest of the world experiences flat or declining population curves. Globally, about 1.7 billion adults (31% of adults) remain unbanked — without an account at a financial institution or through a mobile money provider. In 2014 that number was 2 billion. Account ownership is nearly universal in high-income economies – virtually all unbanked adults live in developing economies, according to the Global Findex. Women are also overrepresented among the…

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Awards Debut To Celebrate Most Innovative Fintech Brands

fintech

The leading financial technology and brands marketing publication in Africa, Africa Brands Magazine, has concluded plans to host the continent’s biggest Fintech Brands Awards in Lagos Nigeria. The most innovative Fintech Brands Africa Awards is a celebration of Africa’s Fintech Innovators and Leaders in 2020. The organizers said in a press statement on Thursday that the award is an initiative founded on the idea that Fintech can unleash unprecedented economic growth in Africa as oil continues to a challenge. The event is scheduled to hold 28th of August, 2020 at…

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Worldwide survey of fintech’s role post pandemic commences

CCAF., Fintech, World Bank, World Economic Forum, Survey

CCAF, World Bank, World Economic Forum champion study Targeting 15,000 fintech firms worldwide, the Cambridge Centre for Alternative Finance (CCAF) announced it has partnered with the World Bank Group and the World Economic Forum to survey industry players and compile data about Covid-19’s impact on the marketplace. With coronavirus impacting financial markets worldwide, questions have been raised about whether sectors such as digital banking, digital payments, digital lending, insurtech and wealthtech will continue to thrive, and whether their relevance will increase or diminish. The survey will gather data from fintechs…

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