Nigeria boasts many of Africa’s biggest; its biggest economy, its biggest population, and its biggest city, Lagos. With a young and growing population, Nigeria has the potential to become a global tech hub.
A focused regulatory drive to increase financial inclusion and cashless payments are combining to create the perfect recipe for a thriving fintech sector. According to McKinsey, Nigeria is now home to over 200 fintech standalone companies, plus several fintech solutions offered by banks and mobile network operators. Between 2014 and 2019, Nigeria’s bustling fintech scene raised more than $600 million in funding, attracting 25% ($122 million) of the $491.6 million raised by African tech startups in 2019 alone.
While cash and mobile money are common, local credit and debit cards are especially popular with Nigeria’s burgeoning middle-class, accounting for more than 29% of total ecommerce sales.