Nigeria has become a major Fintech hub in West Africa, thanks to several factors contributing factors. This emergence could constitute a pillar of economic growth for a country still too dependent on oil.
Fondly titled the ‘African giant’, Nigeria holds a huge opportunity for Fintech in West Africa, in view of its attracting global attention and investments alike. With 200 million inhabitants, nearly two-thirds of the population are under 25 and 83% under the age of 40, digital technology has more chances to thrive in Nigeria.
Mobile penetration—yet another contributing factor for this, due to the estimated 196 million telephone subscribers and 143 million Internet subscribers by Nigerian Communications Commission (NCC).More Nigerians can touch base with Fintech especially with digital flexibility and availability.
The concept of ‘Under banking’ is equally prevalent. More than half of Nigeria’s population is unbanked, meaning that less than 50 million ( out of 160 million) Nigerians have a bank account.
Mobile penetration combined with this under-banking has created the conditions for the emergence of Fintech growing at an exponential rate with the relentless effort of Fintech start-ups like Paystack, Flutterwave and Interswitch, who have encouraged secure mobility of funds within and outside of the country.
“When I see the deployment of instant payment or interbank transfers, there is nothing like it!
In no time, we have put in place one of the best financial infrastructures in Africa”
-Obong Idiong, MD/CEO Africa Prudential, active member of the Nigeria Fintech Association (NFA)