October 2

Analysis: Young Population, Financial Inclusion Behind Fintech Boom in Nigeria

By Synka JyteDavis

Nigeria’s fintech companies raised more than $600 million in funding over a five-year period (between 2014 and 2019), a new report published earlier this month by McKinsey shows.

The country’s “bustling fintech scene” attracted 25 percent ($122 million) of the $491.6 million raised by African tech startups in 2019 alone – second only to Kenya, which attracted $149 million, the consultant said.

Photo courtesy of Free-Photos.

Source: Ventures Africa (link opens in a new window)

Finance, Technology
financial inclusion, fintech, startups