The professionals at WeeTracker emphasize important Nigerian fintech startups that could potentially redefine the financial services landscape in the next coming years. A rapidly growing young population, coupled with the exponential growth of mobile phone lines, the huge potential for financial inclusion based on bank verification numbers, and a relatively strong talent pool have driven business adoption across the globe. Some of the highlights of opportunities within Nigeria’s financial services industry through industry professionals include the following:
The predominantly cash-driven Nigerian Fintech Startups economy aims to respond well to the fintech opportunity. The exponential growth within mobile money operations through average monthly transactions adds up almost year over year. The growing fintech penetration is attributed to the boom in eCommerce and smartphone penetration. Fintech investment within Africa specifically has increased from about $198 to around $1500 by 2022. As investors are increasingly attracted to the industry’s potential to tap into Africa’s vast unserved/underserved population. Investments within Nigeria and Africa are primarily focused on payment solutions. Fintech segments such as lending and wealth management are at a relatively early stage.
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While Blockchain is within its early stages of adoption in Nigerian Fintech Startups, consumers use Bitcoin and digital currencies since the late 2000s. According to a report in Nigeria, 80% of adults paid utility bills with cash, while 15% made payments directly through a financial institution account. Another 1% of the users reported that they paid their utility bills both through a financial institution account and through a mobile phone- in all of the cases through a mobile money account. There has been steady progress in improving financial inclusion in Nigeria. It is estimated that about 40% of Nigerians are still financially excluded and the target for 2022 is around 25%.
Since the Nigerian Customer evolves, Banks leverage new technologies to improve the banking customer experiences since the digital channels conduct financial transactions. The CBN through the Banker’s Committee and in collaboration with all banks in Nigeria launched a centralized biometric identification system also known as Bank Verification Number (BVN) for the Banking Industry. Today, all P2P Lenders depend upon BVN in addition to other information for operating their lending models.
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Nigerian Fintech Startups turn to be at forefront of Africa’s FinTech revolution, and multiple of them have turned out to become formidable players to watch out for. FinTech Companies in Nigeria pick up a majority of the funding that came into the country. The adoption of digital financial services is also growing steadily. By 2022, the country’s FinTech Sector is expected to bring in revenues of million around $US543. If you are the one who is in a great search of FinTech Startups so as to boost your business then you are surely coming up with one of the best places to enhance your business. You can take your business towards great heights of success attainment with a lot of profits with African Fintech Startups.
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