“State of Play: Fintech in Nigeria.”
This is even as is projected that Fintech revenues in Nigeria will grow from $153million in 2017 to $543million by 2022, driven by expanding payment services, the e-commerce market, and rising smartphone penetration.
It said the Central Bank of Nigeria , has passed laws and regulation to promote digital payments, and allow more actors to enter the space, boosting competitiveness and consumer choice, adding that it is balancing these with consumer protections through its cybersecurity framework and data protection regulation.
According to it, WeeTracker, which produces a yearly funding roundup, reports that Nigerian fintechs raised $679million in 2019, but this includes internationally-headquartered companies that have raised investment to operate in Nigeria. Given the challenges that fintechs in all markets are facing in terms of profitability, the report urged that expertise in business management and corporate governance is needed.
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