As the global economy transitions from a dependence on natural
resources, and the focus shifts towards innovation in the provision
of services, some of the most valuable companies today are
privately owned Financial Technology (Fintech) companies like Opay,
Interswitch and Flutterwave. With valuations of over a billion US
Dollars, these 'unicorns' make the countries where they are
located, attractive destinations for foreign investment. Today,
there are 5 unicorns in Africa, and Nigeria alone is home to 4 of
them. The only one of those which is not a Fintech company is
Jumia. The success of these 'big' companies has
unsurprisingly catalyzed the proliferation of numerous hopefuls,
ambitious to join the coveted rank of unicorn.
