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ARTICLE · 26 APRIL 2022

Market Intelligence Thought Leadership Award Winner

FinTech 2022

Banwo & Ighodalo
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The fintech ecosystem in Nigeria is largely comprised of businesses focused on mobile payments, digital banking, merchant solutions and personal finance, including wealthtech.

NigeriaTechnology
Isa Alade
Isa Alade
Azeezah Muse-Sadiq
Azeezah Muse-Sadiq
Seyi Bella
Seyi Bella
Olumide Osundolire
Olumide Osundolire

1. Fintech Market

 1.1 Evolution of the Fintech Market

The fintech ecosystem in Nigeria is largely comprised of businesses focused on mobile payments, digital banking, merchant solutions and personal finance, including wealthtech.

Nigerian Fintechs See Resurgence in Venture Capital Funding and an Increased Role in the Growth of Nigeria's Economy

Overall, Nigeria has experienced a remarkable performance in the fintech market in the past 12 months, marking an improvement from 2020, when the COVID-19 pandemic hit. Data obtained from the country's central switch, the Nigeria Inter-Bank Settlement System (NIBSS), reveals that the transaction value of instant payments hit NGN241.7 trillion between January and November 2021, compared to the NGN137.9 trillion processed within the same period of the preceding year.

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