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ARTICLE · 04 APRIL 2023

Market Intelligence Thought Leadership Award Winner

Fintech 2023

Banwo & Ighodalo
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From disrupting the conventional banking system by creating lending alternatives and enabling electronic payments to redesigning savings and wealth management infrastructures, the value proposition...

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

1. Fintech Market

1.1 Evolution of the Fintech Market

From disrupting the conventional banking system by creating lending alternatives and enabling electronic payments to redesigning savings and wealth management infrastructures, the value proposition of the fintech market in Nigeria has grown to meet the day-to-day needs of its consumers with lasting financial solutions.

Fintech Start-Ups and the Nigerian Economy

Nigeria, Egypt, Kenya and South Africa make up the "big four" start-up ecosystems in Africa. Within the Nigerian start-up ecosystem, fintech continues to be the leading subsector. As of September 2022, fintech ventures accounted for more than 36% of the 481 existing tech start-ups and 42% of total funds raised by these tech start-ups.

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