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Report: Nigerian Fintechs Account for Nearly 91% of $417.5 Million Raised by Tech Startups in the Country


By Yes Mobile

Report: Nigerian Fintechs Account for Nearly 91% of $417.5 Million Raised by Tech Startups in the Country

Report: Nigerian Fintechs Account for Nearly 91% of $417.5 Million Raised by Tech Startups in the Country

Based on an evaluation of the $417.5 million that was raised by Nigerian tech startups through the first 9 months of 2021, fintech companies accounted for about $379 million or 90.78% of the overall.

Nigerian Fintechs Dominate the African Continent

Nigerian fintechs at present account for greater than 90% of the $417.5 million that was raised by tech startups through the first 9 months of 2021, an area report has stated.

Whereas the report, which was compiled by native media outlet Punch, notes that the $417.5 million is already considerably increased than the $300 million that was raised in everything of 2020, it acknowledges that this development in funds raised is basically due to fintech teams.

For instance, the report factors to the truth that $600 million was raised by fintech startups between 2014 and 2019. To show that the fintech area has grown quickly since 2020, the report makes reference to the Fintech Affiliation of Nigeria (FAN)’s perception that funding in the monetary service ecosystem will exceed $400M in 2021. Along with the anticipated file funding, the FAN has predicted that the income base will attain $543M by 2022.

Authorities Assist

Apart from accounting for almost all of funds that have been raised by tech startups, Nigerian companies additionally account for the lion’s share of funds raised by fintech startups that function on the African continent. As beforehand reported by Information, of the 277 fintech funding rounds tracked by Disrupt Africa between 2015 and mid-2021, 108 of those rounds went to Nigerian startups.

These rounds, which totaled $467,901,000 in funding, imply Nigerian fintechs accounted for 53.four % of funds raised since monitoring started. This determine is a a lot increased greenback complete than that of second-ranked South Africa whose startups raised a complete of $216,124,800 over the identical interval.

In the meantime, Punch newspaper additionally reported that President Muhammadu Buhari’s authorities has since taken be aware of the area’s development and is now eager on boosting this additional by creating an surroundings that permits the nation’s youth to show their passions into concepts.

The report added {that a} “Startup Invoice,” which is a joint initiative between Nigeria’s tech startup ecosystem and the Presidency, is now set to be tabled earlier than the Nigerian legislature someday earlier than the tip of 2021.

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Yes Mobile
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