Why full potential of Nigerian fintech remains untapped, by McKinsey

Why full potential of Nigerian fintech remains untapped, by McKinsey

Despite the increased activity in the fintech sector in Nigeria and the positive multiplier effect in the economy, there is significant potential for further growth, report by McKinsey and Company, has said. According to the report, ‘Harnessing Nigeria’s Fintech Potential’, Fintech accounted for only around 1.25 per cent of retail banking revenues in 2019. It noted that while fintech investments in Nigeria grew to approximately $460 million in 2019, the majority of which was from external investors, this was only a small fraction of the $36 billion invested in fintech…

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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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