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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