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…

Read more

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…

Read more