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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