NIGERIA: ‘Fintechs attracted over $600m in 2019’ - NDIC

Ola Olaoluwa
Ola Olaoluwa

According to Alhaji Umaru Ibrahim, the Chief Executive Officer (CEO) of the Nigeria Deposit Insurance Commission (NDIC), Nigeria's Financial Technology (FinTech) space attracted over $600 million in investment between 2014 and 2019.

Ibrahim made said this yesterday in Lagos at a workshop by the NDIC for reporters, themed ‘COVID-19 and FinTech disruption: Opportunities and challenges for banking system and deposit insurance.’

Image Source: NDIC
He said: “Nigeria is home to over 200 fintechs and there are a number of fintech solutions offered by banks and mobile networks operators as part of their product portfolio. Within 2014 and 2019, Nigeria’s burstling fintech scene attracted more than $600million in funding; attracting 25 percent, that is, $122million of the $491.6million raised by African fintech startups in 2019 alone. We are only second to Kenya which attracted $149million.

The Director of Research, Policy and International Relations, NDIC, Dr. Sunday Oluyemi, on his part, reiterated that to mitigate the impact of COVID-19 on the economy, the Federal Government introduced several fiscal and monetary intervention programmes.

Nigeria In Focus:

Population: 206.6 million (Compared to South Africa's 59.6 million)

GDP: $504.57 billion (Compared to South Africa's $369.85 billion)

GDP Per Capita: $2,465 (Compared to South Africa's $6,193)

Financial inclusion

Ola Olaoluwa

Writer | Economist