The FinTech Association of Nigeria said financial technology (FinTech) operators accounted for around 63% of the $1.37 billion in funding raised in Nigeria in 2021.
The chairman of the association, Mr. Ade Bajomo, said so during the FinTech Platinum Awards ceremony in Lagos State recently.
Noting that Nigeria was well positioned in Africa and in the global fintech ecosystem, he said Africa currently boasted of 10 unicorns including seven – Jumia, Fluttwerwave, Andela, Chipper Cash, Airtel Africa, OPay and Interswitch – are Nigerian.
“In a similar vein, Nigerian start-ups raised $1.37 billion out of the four billion dollars raised in Africa in 2021. Of these, the FinTech space alone accounted for around 63% of the all financing, compared to only 25% in Africa. 2020.
“Growing investor confidence in African FinTech reflects the continent’s enormous potential due to deepening mobile and internet penetration, a young population, growing consumer sophistication and rising incomes. , among many other factors,” he said.
According to him, despite the huge achievements, it is still necessary to look back and appreciate how far the FinTech ecosystem has come in the country.
He said FinTech in Nigeria still raised about $600 million in funding between 2014 and 2019, compared to more than $1 billion raised in a single year, adding that a few years ago, on-time payments real and digital (fast) loans were almost impossible.
He further hinted that Nigeria is now home to around 250 FinTech companies, despite huge infrastructural, regulatory and financial challenges.
The president of the association said that the trajectory must not slow down in any way because by 2025, Africa will have 1.5 billion people, most of whom will have grown up with the Internet.
According to him, the demographics of the continent would include a large group of digitally savvy but underbanked customers who could be tapped by local and foreign FinTechs.
Bajomo said the FinTech Platinum Awards needed to create a world-class awards ceremony that would raise the bar for the best global awards in the industry.
He said the association is strongly positioned to play a strategic, critical and impartial role in creating an enabling environment for FinTechs to continue to thrive in Nigeria.
This, he explained, would be to lead the evolutions of the FinTech ecosystem in the country and across the continent.
The “Female FinTech Trailblazer” award was carried by Ms. Odunayo Eweniyi, co-founder of PiggyVest, for launching something revolutionary and at the same time a powerful force in the industry.
The “breakthrough achievement” award went to Carbon Microfinance Bank, one of the first organizations to do something innovative in its field, while adhering to ethical standards.
The “Ecosystem Enabler” award was received by Banwo & Ighodalo Company for providing significant resources and support to the Nigerian FinTech ecosystem.
The “Leadership Award” (organization and individual categories) was awarded to the Securities and Exchange Commission (SEC) and to Mr. Mitchell Elegbe, Group Managing Director of Interswitch.
It’s about leading the way on how things should be done in the FinTech space and constantly raising the bar.
Mr. Iyinoluwa Aboyeji, Founder of Future Africa, received the Tech Advocacy Award for being at the forefront of promoting increased technological progress in the ecosystem. He also received the award for fostering opportunities, networks and inclusion to make this a reality.
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