Approaches and developments
The Financial Technology ("Fintech")
industry in Nigeria has continued to witness notable and remarkable
developments in 2023. The number of startups in Nigeria grew from
144 recorded in 2021, to 217 in 2023.1 Nigeria retained
a top spot across African countries for early-stage Fintech
investment in 2023, with 49 deals out of a total of 116
transactions in Africa. FrontEdge, a Nigerian startup providing
finance, secured up to USD10 million in its funding round in
November 2023, topping the highest seed funding across
Africa.2
Nevertheless, the Fintech industry witnessed a decline in
funding and investment for various reasons.3 While it
still ranked top for the number of funded startups, Nigerian
startups raised circa USD400 million in 2023, 16.6% of the
continent's total, dropping from first to fourth place for
total funding. This funding total is a 59% decline compared to
2022, when the startups accumulated circa USD976
